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

Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you are required to sign should reaffirm this. Your lender will also require certain documents to be viewed. If you are unwilling to provide identification documents, your conveyancer will not be able to take you on as a client.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Shifnal?

Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Shifnal. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

The estate agent has sent us the confirmation of our purchase of a new build flat in Shifnal. 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 legal work.

Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Shifnal

Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?

I am looking for a flat up to £235,500 and identified one round the corner in Shifnal I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Shifnal suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?

Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.

I am tempted by the attractive purchase price for a couple of maisonettes in Shifnal both have about forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Shifnal is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. 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 Shifnal conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 purchased a garden flat in Shifnal, conveyancing having been completed February 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Shifnal with a long lease are worth £260,000. The ground rent is £45 yearly. The lease terminates on 21st October 2098

With just 74 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.