In what way does my ID and proof of funds have anything to do with my conveyancing in Chalk Farm? Is this really necessary?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Chalk Farm. Nowadays you can not complete any conveyancing transaction in the absence providing evidence of your identity. This usually takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are supplying your driving licence as proof of ID it must be both the paper part as well as the photo card part, one is not sufficient without the other.
Verification of your origin of funds is required under Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer must have this information on file. Your Chalk Farm conveyancing lawyer will need to see evidence of proof of funds prior to accepting any money from you into their client account and they should also ask further questions regarding the source of funds.
I am about to put an offer on a leasehold property in Chalk Farm. The property agents advise that it is usual for flats in Chalk Farm to have less than 75 years remaining. I am expecting a mortgage with Nationwide Building Society. Will the property be mortgageable given that the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/1/2020 the requirements read as follows :
- There must be at least 30 years remaining at the end of the mortgage term (regardless of the length of lease at the start).
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 55 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period is less than or equal to 5 years
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 55 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial, etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Issuing Office (Will be declined)
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house (does not apply to Shared Ownership)
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to every 5 years
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to RPI
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years.
We are aiming to move home in February. Should my conveyancing solicitor communicate with the removal company on the day of completion. As an aside, can you suggest a removal company in Chalk Farm. Conveyancing lawyer was organised before I stumbled across this site.
On the afternoon of completion you will need to pick up the house keys from the selling agent however this can only happen after the vendors lawyers confirm to the agent that they have the completion monies and the keys can be handed over. You will need to tell the removal men that you are ready to move in. As a matter of policy we do not recommend a particular removal company but can assist you in locating a residential property solicitor in Chalk Farm or a legal practice with expertise in conveyancing in Chalk Farm.
My wife and I purchasing a detached bungalow in Chalk Farm. The intention is to convert the garage to a playroom at the property.Will the conveyancing process involve investigations to ascertain if these works are allowed?
Your property lawyer will review the registered title as conveyancing in Chalk Farm can sometimes identify restrictions in the title deeds which prohibit certain alterations or necessitated the consent of a 3rd party. Many additions require local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be prudent to check these issues with a surveyor before you commit yourself to a purchase.
My wife and I have arranged a further advance on our mortgage from Bank of Ireland as we want to carry out a loft conversion to our house in Chalk Farm. Do we need to appoint a bricks and mortar Chalk Farm solicitor on the Bank of Ireland conveyancing panel to handle the paperwork?
Bank of Ireland do not ordinarily require firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland list.
Just bought a detached house in Chalk Farm , how long will it take for the Land Registry to record my ownership? My Chalk Farm conveyancing solicitor works at snail pace, so I want to be sure the land registry aspects are dealt with.
As far as conveyancing in Chalk Farm registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can adjust according to who lodges the application, whether there are errors and if the Land registry must send notices to any other parties. Currently roughly 80% of submission are completed in less than three weeks but occasionally there can be longer hold-ups. Registration takes place once the purchaser is living at the property so post completion formalities is not always top priority yet where there is a degree of urgency associated with the registration then you or your solicitor should speak with the land registry and explain the circumstances.
I opted to have a survey done on a house in Chalk Farm prior to retaining solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you e-mail us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chalk Farm. Conveyancing will be smoother if you use a solicitor in Chalk Farm especially if they are acquainted with such properties in Chalk Farm.
Me and my wife have recently had an offer accepted on a apartment and had meeting on Friday with Nationwide for the mortgage. They warned me that when it comes to choosing a conveyancer that unless they are on their approved list of property lawyers then we will have to pay out an additional fee of about two hundred pounds. This is is due to the fact that they will then have to appoint a solicitor to act on their behalf in addition to the one we select on our behalf and we will be on the hook for their invoice. I have asked Nationwide to provide me with a list so I can request quotes only from their approved lawyers but was told they dont have such a list to hand over. Is their an easier way of going about this?
You should ask Nationwide what their criteria for joining their panel is for a conveyancer.Then ask the conveyancing practitioner of your choice whether they meet the criteria and have they acted on loans for Nationwide previously. If the answer to those is yes, then just clarify this with Nationwide. Another option is to use our search facility and we should be able to locate a solicitor in Chalk Farm on the panel for Nationwide.
