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

In order to comply with Money Laundering Regulations any Redcar conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.

Under Money Laundering Regulations, conveyancers are obliged by law to validate not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor cancelling their relationship 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.

About to place a bid on a leasehold apartment in Redcar. The estate agents advise that it is standard for flats in Redcar to have less than 75 years remaining. I am expecting a loan with Platform. Is this going to be acceptable if the lease has 72 years left.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/1/2025 the requirements read as follows :

I am close to exchanging contracts on the sale of our home in Redcar and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any local conveyancer would know this is not the case. It does beg the question why the buyers used a national conveyancing outfit rather than a conveyancing solicitor in Redcar. Having lived in Redcar for many years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.

It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)

Over the last few months I have been searching for a flat up to £245,000 and found one close by in Redcar I like with a park and railway links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Redcar suitable, so just wondered if I would be making a mistake acquiring a short lease?

Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.

When it comes to leasehold conveyancing in Redcar what are the most frequent lease defects?

Leasehold conveyancing in Redcar is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

A provision to repair to or maintain elements of the property Insurance obligations

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

I invested in buying a basement flat in Redcar, conveyancing was carried out in 2007. How much will my lease extension cost? Equivalent flats in Redcar with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2080

You have 55 years unexpired the likely cost is going to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.