In what way does my ID and proof of funds have anything to do with my conveyancing in Cheam? What am I being asked for?
In order to comply with Money Laundering Regulations any Cheam conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to validate not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer ending their relationship 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 inform the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to appoint a high street conveyancing solicitor in Cheam?
You should check but the the probability is that allocate you one of their panel solicitors if you take up the "fee-free" offer. Contact the lender to determine if they make available a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Cheam.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Cheam is where the house is located. Can you shed any light on this issue?
Flying freeholds in Cheam are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cheam you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cheam may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My husband and I are FTB’s - had an offer accepted, yet the selling agent told us that the owners will only issue a contract if we use the agent's preferred lawyers as they want an ‘expedited deal’. We would rather use a high street solicitor used to conveyancing in Cheam
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Contact the owners directly and make sure they understand (a)you are genuine buyers (b)you are ready to go, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to instruct your preferred Cheam conveyancing solicitors - not the ones that will earn their negotiator at the agency a referral fee or meet his conveyancing targets pre-set by head office.
I wish to sublet my leasehold flat in Cheam. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease dictates relations between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Cheam do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I am the proprietor of a ground-floor 1950’s flat in Cheam. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Cheam conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Cheam property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The unexpired term was 60.43 years.
Our solicitor in Cheam has identified a a problem with the lease for the property we are purchasing in Cheam. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Cheam conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the lender conveyancing panel who has to balance acting for you and the lender