I am buying a property for cash in Yelverton. I have resided for the last 20 years in Yelverton. Conveyancing searches are a lot of money. Given that I know the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?

Provided that you do not need a mortgage, then all but one or two of the Yelverton conveyancing searches are optional. Your lawyer will try and steer you, no-doubt strongly, that you should have searches completed, but he is duty bound to take that path of advice. One thing to bear in mind; if you are likely to sell the house in the future, it will likely be be of relevance to your future purchaser what the searches contain. There are plenty of instances where properties with day to day issues can still reveal adverse search results. A good conveyancing solicitor in Yelverton should be able to give you some sensible guidance concerning this.

In what way does my ID and proof of funds have anything to do with my conveyancing in Yelverton? Why is this being asked of me?

Yelverton conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.

Conveyancing clients will need to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).

Evidence of source of funds is also required under the money laundering laws as lawyers are required to investigate that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has come from a reputable source (such as employment savings) as opposed to the product of illegitimate behaviour.

Is there a search tool that I can utilise to discover of the solicitor carrying out my conveyancing in Yelverton is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Skipton Building Society thus paying £187.00 plus VAT in further conveyancing fees.

Feel free to take advantage of the find a conveyancing panel solicitor tool on this site. Please choose the lender and type ‘Yelverton’ or your location and you will discover a number of lawyer offices in Yelverton or by proximity to you.

I am looking for a leasehold apartment up to £305k and found one close by in Yelverton I like with open areas and station nearby, however it's only got 51 years on the lease. I can't really find anything else in Yelverton suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?

Should you require a mortgage the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.

Can you offer any advice when it comes to appointing a Yelverton conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Yelverton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Yelverton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:

What are the costs for lease extension conveyancing?

I purchased a leasehold flat in Yelverton, conveyancing having been completed 6 years ago. 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 Yelverton with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2090

With just 65 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 plus legals.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.