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

Beacon Hill conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.

Conveyancing clients will need to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).

Evidence of source of monies is also necessary in compliance with the money laundering laws as conveyancers are obliged to investigate that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase price where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) as opposed to the product of illegitimate activity.

We're in Beacon Hill, First timers buying with a mortgage (lender is , and our solicitor is on the conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

I have been on the look out for a flat up to £235,500 and found one close by in Beacon Hill I like with amenity areas and transport links nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Beacon Hill for this price, so just wondered if I would be making a grave error purchasing a short lease?

Should you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce 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 twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.

As co-executor for the estate of my father I am disposing of a property in Monmouth but I am based in Beacon Hill. My conveyancer (who is 300 miles awayneeds me to sign a stat dec ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Beacon Hill who can attest and place their company stamp on the document?

Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Beacon Hill based

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Beacon Hill. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Beacon Hill ?

Most houses in Beacon Hill are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Beacon Hill so you should seriously consider shopping around for a Beacon Hill conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.

I invested in buying a basement flat in Beacon Hill, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Beacon Hill with a long lease are worth £165,000. The ground rent is £45 per annum. The lease runs out on 21st October 50

With just 50 years left to run the likely cost is going to be between £36,100 and £41,800 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 supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.