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

To satisfy the Money Laundering Regulations any Chantry conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account showing your correct address.

In accordance with Money Laundering Regulations, conveyancers are duty bound to validate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your conveyancers are duty bound to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.

Various online forums that I have come across warn that are a common reason for obstruction in Chantry house deals. Is that correct?

The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Chantry.

How does conveyancing in Chantry differ for new build properties?

Most buyers of new build property in Chantry come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because builders in Chantry tend to buy the site, 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 used to new build conveyancing in Chantry or who has acted in the same development.

Am I better off to choose a Chantry conveyancing solicitor who is local to the property I am hoping to buy? We have a good friend who can deal with the legal formalities but her office is 400kilometers away.

The primary upside of using a local Chantry conveyancing firm is that you can drop in to execute paperwork, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were impressed that must surpass using an unfamiliar Chantry conveyancing lawyer just because they are local.

What advice can you give us when it comes to choosing a Chantry conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Chantry conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Chantry conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:

Can they put you in touch with clients in Chantry who can give a testimonial? What are the legal fees for lease extension conveyancing?

I acquired a leasehold flat in Chantry, conveyancing was carried out January 2011. How much will my lease extension cost? Similar flats in Chantry with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2080

With only 55 years left to run the likely cost is going to span between £31,400 and £36,200 as well as legals.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues 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 placing reliance on this information without first getting professional advice.