In what way does my ID and proof of funds have anything to do with my conveyancing in Worcestershire? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Worcestershire conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, property lawyers are required to validate not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer 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 make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Me and my brother purchased a semi-detached Edwardian house in Worcestershire. Conveyancing solicitor represented me and Britannia. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold with the exact same address. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Worcestershire and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing lawyer who carried out the work.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Worcestershire is the location of the property. Can you shed any light on this issue?
Flying freeholds in Worcestershire are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Worcestershire you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Worcestershire may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is there anything unique about your site and other web based conveyancing brokers for conveyancing in Worcestershire?
At this site get an accurate quote via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Worcestershire. Unlike many estate agents and brokerage sites we do not have kick-back deals with solicitors. A large number of agents and online brokers 'recommend' the firm that pays the most per referral, as opposed to the best value conveyancing in Worcestershire
I am attracted to a couple of maisonettes in Worcestershire which have approximately forty five years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Worcestershire is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and lenders, leases with under 75 years become less and less marketable. 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 a residence 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 Worcestershire conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 inherited a 1st floor flat in Worcestershire, conveyancing was carried out in 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Worcestershire with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2082
With just 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.