I am under pressure from the mortgagee in possession of a property in Buckhurst Hill to complete within four weeks. What can I do to expedite the buying process?
In a situation where the seller is applying pressure to complete it is highly recommended that your solicitor is familiar with the area as they will make use of local relationships and knowledge. It is even conceivable that they may have transacted previoushouses in the same road. Therefore consider using a Buckhurst Hill conveyancing lawyer. In addition, double check that the conveyancing firm is on the lender panel. It is estimated that just under twenty per cent of Buckhurst Hill conveyancing transactions are frustrated or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the buying process being frustrated by almost three weeks. It is estimated that this issue impacts in the region of 100,000 home moves annually. Almost all Buckhurst Hill conveyancing practices can not represent certain banks so do check as early as possible.
What does my ID and proof of funds have anything to do with my conveyancing in Buckhurst Hill? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Buckhurst Hill. However these days you can not complete any conveyancing transaction if you have not supplying proof of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are supplying your driving licence as evidence of identification it needs to be both the paper section and photo card part, one is not satisfactory without the other.
Proof of the source of monies is necessary under Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor will need to retain this information on record. Your Buckhurst Hill conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional queries concerning the source of monies.
Please explain the implications if my lawyer’s firm is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in Buckhurst Hill?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
three months have gone by following my purchase conveyancing in Buckhurst Hill completed. I have checked the Land Registry site which shows that I paid £200,000 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 asset 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.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Buckhurst Hill I like with amenity areas and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Buckhurst Hill in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
We are soon to purchasing a home in Buckhurst Hill. Could our property lawyer keep our purchase price private from sites such as Zoopla. Is this achievable and how?
HM Land Registry by statute are required to reveal price sold data on the official title for domestic properties nationwide which includes premises in Buckhurst Hill. The register of ownership is an open document, so the Land Registry would be breaching their statutory obligations excluded certain homes such as the property in Buckhurst Hill.
You can make a request of HM Land Registry to withhold the amount paid entry but the answer would be a No.