What does my ID and proof of funds have anything to do with my conveyancing in Crawcrook and Ryton? Why is this being asked of me?

Crawcrook and Ryton conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.

Conveyancing clients are required to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no more than three months).

Evidence of the origin of monies is also required in compliance with the money laundering statutes as conveyancers are obliged to investigate that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are buying mortgage free) has originated from an acceptable source (such as an inheritance) as opposed to the proceeds of illegitimate behaviour.

The Crawcrook and Ryton conveyancing lawyers that I recently instructed on my purchase in Crawcrook and Ryton have suddenly shut down. They were on acting for me because I needed a lawyer on the Barclays conveyancing panel and my preferred Crawcrook and Ryton lawyer was not. I paid them £170 in advance. What should be my next steps?

If you have an estate agent involved then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.

I have been told that property searches are the main reason for obstruction in Crawcrook and Ryton conveyancing transactions. Is that correct?

The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Crawcrook and Ryton.

I am attracted to a couple of apartments in Crawcrook and Ryton which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Crawcrook and Ryton. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.

Leasehold Conveyancing in Crawcrook and Ryton - A selection of Questions you should ask before buying

Many Crawcrook and Ryton leasehold properties will have a service bill for the upkeep of the building levied on behalf of the management company. Should you purchase the apartment you will have to meet this charge, usually in instalments during the year. This may vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all probability there will be a ground rent to be met yearly, this is usually not a exorbitant sum, say around £25-£75 but you should to check as occasionally it can be prohibitively expensive. Does the lease contain onerous restrictions? The answer will be helpful as a) areas may result in problems for the block as the communal areas may begin to deteriorate if services remain unpaid b) if the leaseholders have an issue with the running of the building you will wish to have full disclosure

I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my flat purchase in Crawcrook and Ryton , but I am keen proceed. What can I do?

One option is to try and agree a lower deposit. Most sellers will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second