In what way does my ID and proof of funds have anything to do with my conveyancing in Marazion? Is this really warranted?

Marazion conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty 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 are required to supply two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).

Evidence of the origin of funds is also required under the money laundering laws as conveyancers have a duty to check that the funds you are utilising to purchase a property (be it the exchange deposit or the total purchase amount if you are a cash purchaser) has originated from legitimate source (such as employment savings) as opposed to the proceeds of criminal activity.

I am buying a new build apartment in Marazion. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Marazion

Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.

I decided to have a survey completed on a property in Marazion before instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some lenders may not give a loan on a flying freehold house.

It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Marazion. Conveyancing will be smoother if you use a solicitor in Marazion especially if they are acquainted with such properties in Marazion.

I have been pointed in your direction by a few estate agents in Marazion to locate a property lawyer on your site. What’s the financial advantage for Estate Agents to market your site over alternative conveyancing organisations?

We refuse to give any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.

I am looking at a couple of apartments in Marazion both have approximately forty five years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Marazion is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Marazion conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Marazion Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

Its a good idea to discover as much as possible about the managing agents as they can either make living at the property much easier or uncomfortable. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day issues such as the upkeep of the communal areas. Don't be afraid to ask other people what they think of their management. Finally, investigate as to the dates that you are obliged pay the service charge to the appropriate party and precisely what it includes. Who is in charge of the block?