What does my ID and proof of funds have anything to do with my conveyancing in East Finchley? Why is this being asked of me?
East Finchley conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Evidence of source of monies is also required in accordance with the money laundering regulations as lawyers are obliged to investigate that the money you are using to acquire a property (whether it be the deposit for exchange or the total purchase amount where you are buying mortgage free) has originated from a reputable source (such as an inheritance) rather than the product of illegitimate behaviour.
Having spent time scouring consumer advice sites for a conveyancing solicitor in East Finchley, most post that I must use a CQS accredited solicitor. What is CQS?
East Finchley Conveyancing Quality Scheme solicitors have obtained certification by the law Society CQS was established to promote high standards in the home buying process. CQS helps consumers to identify practices that provide a quality residential conveyancing. East Finchley is one of the many areas in England and Wales in which CQS have a presence. The conveyancing scheme obliges law firms to undergo a strict assessment, compulsory training, self-certification, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Association of British Insurers.
When it comes to lenders such as Clydesdale, do East Finchley conveyancing practitioners have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Completion of my remortgage has taken place for my property in East Finchley. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Planning on purchasing a apartment in East Finchley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the East Finchley lawyer is on the Nationwide conveyancing panel.
My husband and I are 18 days into a leasehold purchase having been recommend to solicitors by the selling agent to carry out the conveyancing in East Finchley. I am am starting to be frustrated with the quality of service. Can you help me find new conveyancers?
A conveyancer would need to be very poor in order to consider replacing them. Has your mortgage been generated? If so you must advise them of the new conveyancer and ensure the loan are issued to the new lawyers. Your conveyancer should be on the banks panel to avoid escalating charges and delays. So that should be your starting point. The search tool should assist you in finding a lender approved solicitor for your conveyancing in East Finchley
I am looking at a two apartments in East Finchley both have in the region of 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in East Finchley is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value 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 residence 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 East Finchley 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 any new 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.
I have had difficulty in negotiating a lease extension in East Finchley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Lease Extension decision for a East Finchley flat is Ground Floor 110 Station Road in June 2013. The Tribunal found that the premium payable for a lease extension should be £31,665. This case affected 1 flat. The unexpired term was 56.65 years.
The financial adviser has suggested using their lawyer for the conveyancing in East Finchley - Surely it’s easier to just use them?
It is not always the case and you are free to use whichever solicitor of your choosing for your East Finchley conveyancing. A conveyancing practitioner put forward by a 3rd party adviser may not necessarily be the right lawyer, they may recommend their preferred conveyancing firm who are based far away. In this instance you may not have contact with your conveyancer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.