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

In order to comply with Money Laundering Regulations any Freshwater conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you reside.

In accordance with Money Laundering Regulations, property lawyers are duty bound to investigate not simply the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer cancelling 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 appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.

Do the Building Society Association intend to launch a online directory to to identify practices on the Loughborough BS conveyancing panel for example in Freshwater?

We are not aware of any intention on the part of the BSA to promote such a register.

Over the last few months I have been searching for a flat up to £245,000 and found one near me in Freshwater I like with open areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Freshwater suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?

If you need a home loan the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.

I am downsizing from my house. My past solicitors closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in Freshwater if that affects matters.

Do use our search tool to help you choose a solicitor for your conveyancing in Freshwater. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.

What makes a Freshwater lease problematic?

There is nothing unique about leasehold conveyancing in Freshwater. All leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

Repairing obligations to or maintain parts of the premises Insurance obligations

You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Royal Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

Leasehold Conveyancing in Freshwater - Examples of Questions you should ask before buying

Best to be warned if fixing the lift or some other major work is coming up to be shared between the leasehold owners and may well materially increase the the service fees or necessitate a one off invoice. Is the freehold reversion owned jointly by the leaseholders? You should want to discover as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to day to day matters like the cleanliness of the communal areas. Ask prospective neighbours whether they are happy with their management. On a final note, find out the dates that the service charges are due to the relevant party and specifically what it includes.