Me and my partner are acquiring our first house. The lawyer has texted usto enquire if we wish to order additional conveyancing searches. We are really unsure what's needed for conveyancing in Redfield
The scope of Redfield conveyancing searches should be triggered based primarily on the property, the location, the probability of any of these risks, your knowledge of the locality and risks, your overall approach to risk. What is important is that you properly understand what information the searches could provide. Then you can make a decision if you consider that you need that search. Should you be in doubt, ask your property lawyer to recommend.
What does my ID and proof of funds have anything to do with my conveyancing in Redfield? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Redfield conveyancing firm will require proof of identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, property lawyers are duty bound to investigate not just the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Redfield with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am a negotiator for a reputable estate agent office in Redfield where we have experienced a number of flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Redfield conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Redfield Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
How much is the ground rent and service charge? Does the lease include onerous restrictions? You should be aware that where the lease has no more than 80 years it will affect the value of the apartment. Check with your bank that they are happy with remaining years on the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will be be obliged to have owned the property for 24 months in order to be entitled to carry out a lease extension.
Partway through the sale of a leasehold flat in Redfield. Conveyancing is fine but we are being charged a fortune by the landlord. So far we have issued a cheque for £250 for a leasehold management pack and then a further £117.20 for answers to questions raised by the buyers solicitor.
Neither you or your conveyancer will have any say over the level of the bill for this information but the typical fee for the information for Redfield leasehold premises is £380. When it comes to Redfield conveyancing transactions it is standard for the owner to pay for these costs. The freeholder or their agents are not duty bound to answer these questions although many will be content to do so - albeit often at exorbitant prices disproportionate to the work involved. Unfortunately there is no law that requires fixed fees for administrative tasks. Nor is there any legal time frame by which they are obliged to provide the information.