What does my ID and proof of funds have anything to do with my conveyancing in St Austell? Is this really warranted?

To satisfy the Money Laundering Regulations any St Austell conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.

Under Money Laundering Regulations, conveyancers are duty bound to validate not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your property lawyers are duty bound to inform the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.

We're in St Austell, First timers buying with a mortgage (lender is Yorkshire BS , and our lawyer is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

Can I be sure that the St Austell conveyancing solicitor on the Barclays panel is any good?

When it comes to conveyancing in St Austell obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor carrying out your conveyancing.

It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my St Austell building society branch on a couple of occasions and was informed it wasn't an issue and they would lend. My St Austell conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?

Your property lawyer must follow the Council of Mortgage Lenders’ Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.

Kent Reliance have agreed my mortgage in principle, my offer on a property in St Austell has been accepted, what are the next steps?

Your estate agent will need to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Call up Kent Reliance or your broker and complete any appropriate forms. Kent Reliance will instruct a valuer who will get in contact with the selling agent or vendor to book a time for the valuation to happen. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Kent Reliance will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in St Austell.

I opted to have a survey done on a house in St Austell in advance of retaining lawyers. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will not grant a mortgage on such a home.

It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in St Austell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Austell to see if the conveyancing will be more expensive.

I am employed by a busy estate agency in St Austell where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local St Austell conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

I own a basement flat in St Austell, conveyancing having been completed in 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in St Austell with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2089

With just 64 years unexpired the likely cost is going to be between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.