I am progressing with the sale of my ground floor flat in Belvedere and the estate agent has just e-mailed to say that the purchasers are switching solicitor. The reason given is that the bank will only deal with solicitors on their approved list. Why would a major lender only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Belvedere ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Belvedere? What am I being asked for?
Belvedere conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose 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).
Confirmation of source of funds is also required in compliance with the money laundering statutes as lawyers are mandated to check that the funds you are using to buy a property (be it the exchange deposit or the full purchase price if you are a cash purchaser) has come from an acceptable source (such as employment savings) rather than the product of illegitimate activity.
2 months have gone by following my purchase conveyancing in Belvedere took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build apartment in Belvedere. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Belvedere
There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan.
Am I right to be suspicious by brokers that I am dealing with are suggesting an online conveyancing firm rather than a High Street Belvedere conveyancing practice?
As with lots of service providers, often referrals from relatives can be worth their weight in gold. Nevertheless there are many players in a conveyancing matter; estate agents, mortgage brokers and lenders may recommend solicitors to use. Sometimes the lawyers might be known to one of the organisations as experts in their field, but sometimes there may be a financial incentive behind the endorsement. You are free to select your preferred conveyancer. Don't forget that the majority of lenders specify a panel list of solicitors you must use for the mortgage aspect of your house move.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Belvedere. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Belvedere are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Belvedere in which case you should be looking for a Belvedere conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Belvedere conveyancing firm to assist?
Most definitely. We can put you in touch with a Belvedere conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Belvedere premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The remaining number of years on the lease was 76 years.