What does my ID and proof of funds have anything to do with my conveyancing in Shaftesbury? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Shaftesbury conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally 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, conveyancing solicitors are duty bound to ascertain not only the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your solicitor ending 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 believe that any monies received by them may contravene the Money Laundering Regulations.
The deeds to my property can not be found. The lawyers who did the conveyancing in Shaftesbury 10 years ago are no longer around. What are my options?
Gone are the days when you need to hold title deeds to prove you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Shaftesbury differ for newly converted properties?
Most buyers of new build premises in Shaftesbury come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because developers in Shaftesbury tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Shaftesbury or who has acted in the same development.
Back In 2008, I bought a leasehold house in Shaftesbury. Conveyancing and Accord Mortgages Ltd mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Shaftesbury who previously acted has long since retired. Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Shaftesbury conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a 1st floor flat in Shaftesbury, conveyancing having been completed in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Shaftesbury with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2073
With only 55 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My lawyers in Shaftesbury have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.