What does my ID and proof of funds have anything to do with my conveyancing in Pickering? Why is this being asked of me?

You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Pickering. Nowadays you will not be able to proceed with any conveyancing transaction without first supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that if you are supplying your driving licence as proof of identification it must be both the paper part and photo card part, one is not acceptable without the other.

Evidence of your origin of monies is required in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer will need to retain this information on record. Your Pickering conveyancing lawyer will require evidence of proof of funds before they are able to accept any monies from you into their client account and they may also ask additional queries concerning the source of monies.

What is the optimum way to find out if the solicitor handling my conveyancing in Pickering is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus spending £175.00 in additional legal bill.

You should make use of the find a conveyancing panel solicitor tool on this site. Please choose the lender and type ‘Pickering’ or your location and you will see a number of lawyer based in Pickering or by proximity to you.

I have recentlyfound out that Action Conveyancing have closed. They carried out my conveyancing in Pickering for a purchase of a leasehold flat 10 months ago. How can I establish that my home is not still registered in the name of the former proprietor?

The quickest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Pickering conveyancing specialists.

I opted to have a survey carried out on a house in Pickering prior to retaining lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks tend not issue a mortgage on this type of house.

It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Pickering. Conveyancing may be slightly more expensive based on your lender's requirements.

I am tempted by the attractive purchase price for a two apartments in Pickering both have approximately fifty years left on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Pickering is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Pickering conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I acquired a 1st floor flat in Pickering, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable properties in Pickering with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2078

You have 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.