In what way does my ID and proof of funds have anything to do with my conveyancing in Church Village? What am I being asked for?

In order to comply with Money Laundering Regulations any Church Village conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you reside.

Under Money Laundering Regulations, conveyancing solicitors are required to check not only the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may result in your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your property lawyers will have an obligation to notify the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.

Will our lawyer be raising enquiries regarding flooding during the conveyancing in Church Village.

Flooding is a growing risk for solicitors carrying out conveyancing in Church Village. Some people will acquire a house in Church Village, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.

Solicitors are not best placed to offer advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or by their lawyers which should figure out the risks in Church Village. The standard property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to find out if the property has historically flooded. In the event that the premises has been flooded in past which is not revealed by the seller, then a purchaser may commence a claim for damages as a result of such an incorrect answer. The purchaser’s conveyancers may also carry out an enviro search. This should indicate if there is any known flood risk. If so, additional investigations should be conducted.

How does conveyancing in Church Village differ for newly converted properties?

Most buyers of new build or newly converted property in Church Village contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Church Village typically 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 Church Village or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Church Village is the location of the property. Can you shed any light on this issue?

Flying freeholds in Church Village are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Church Village you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Church Village may ascertain 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 residence.

I am attracted to a couple of maisonettes in Church Village both have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Church Village is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and mortgage companies, leases with under eighty 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 property 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 Church Village 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 the agreed 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 basement flat in Church Village, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Church Village with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2105

With 80 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.