We are purchasing our first property. The conveyancing practitioner has texted usto enquire if we want to order extra conveyancing searches. Unfortunately we are clueless as to what's appropriate for conveyancing in Wavertree

The range of Wavertree conveyancing searches depends primarily on the property, the location, the likelihood of any of these risks, your knowledge of the area and risks, your overall appetite to risk. What matters is that you adequately understand what information the searches could give you. Then you can make a decision if you consider that you need that information. Should you be unsure, ask your property lawyer to explain.

What does my ID and proof of funds have anything to do with my conveyancing in Wavertree? Is this really necessary?

Wavertree conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.

Conveyancing clients will need to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).

Confirmation of source of monies is also necessary in compliance with the money laundering laws as solicitors have a duty to investigate that the funds you are utilising to buy a property (whether it be the deposit for exchange or the full purchase price if you are a cash purchaser) has originated from legitimate source (such as employment savings) as opposed to the proceeds of criminal behaviour.

About to purchase a new build flat in Wavertree. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.

Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Wavertree

The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.

What are the frequently found defects that you encounter in leases for Wavertree properties?

There is nothing unique about leasehold conveyancing in Wavertree. All leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

Clauses dealing with recovering service charges for expenditure on the building or common parts. Insurance obligations

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

Leasehold Conveyancing in Wavertree - A selection of Queries Prior to Purchasing

How much is the maintenance charge and ground rent on the flat? Who is in charge of the block? Its a good idea to find out as much as possible about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the tidiness of the communal areas. Ask prospective neighbours whether they are happy with their service. On a final note, be sure you know the dates that the service charges are due to the relevant party and specifically what it includes.

Is it true that a Wavertree conveyancing firm got sued by a client for not carrying out the right conveyancing searches?

We are not aware of such a Wavertree conveyancing matter but it has been reported that, a couple purchasing a house elsewhere in England successfully sued their solicitor due to development plans to build a wind farm failing to be identified in conveyancing searches.

Where you are buying in Wavertree It is important that your solicitor purchase all Wavertree conveyancing searches needed to ensure you have relevant and current information before purchasing a property.