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

In order to comply with Money Laundering Regulations any Elm Park conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.

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

Your property lawyers will have an obligation to notify the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.

Are there restrictive covenants that are commonly identified as part of conveyancing in Elm Park?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Elm Park. 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…’

I decided to have a survey carried out on a property in Elm Park prior to retaining lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some banks tend refuse to grant a loan on such a property.

It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Elm Park. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Elm Park to see if the conveyancing costs will increase in light of this.

How easy is it to use the search app to locate a conveyancing solicitor in Elm Park on the panel for my bank?

First select a bank such as , or then specify your preferred area such as Elm Park. Conveyancing organisations in Elm Park and further afield should be shown.

I purchased a ground floor flat in Elm Park, conveyancing formalities finalised in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Elm Park with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 50

With only 50 years remaining on your lease the likely cost is going to span between £36,100 and £41,800 plus 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. You should not use this information in tribunal or court proceedings. There may be other concerns 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.