What does my ID and proof of funds have anything to do with my conveyancing in Hadley Wood? Why is this being asked of me?
Hadley Wood conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Proof of the origin of funds is also necessary in accordance with the money laundering regulations as conveyancers have a duty to investigate that the money you are using to acquire a property (be it the exchange deposit or the total purchase amount where you are buying without a mortgage) has originated from legitimate source (such as employment savings) rather than the product of illegitimate activity.
I am buying a new build apartment in Hadley Wood. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Hadley Wood
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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 confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Due to the advice of my in-laws I had a survey completed on a property in Hadley Wood prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies may not give a mortgage on such a home.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hadley Wood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hadley Wood to see if the conveyancing will be more expensive.
Should I instruct a Hadley Wood conveyancing practitioner in close proximity to the house I am purchasing? We have a good friend who can conduct the conveyancing however her office is 400miles drive away.
The benefit of a high street Hadley Wood conveyancing firm is that you can visit the firm to sign paperwork, hand in your ID and pester them if necessary. Having local Hadley Wood know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were happy that should trump using an unfamiliar Hadley Wood conveyancing lawyer just because they are based in the area.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400,000 garden flat in Hadley Wood next Tuesday. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Hadley Wood?
Hadley Wood conveyancing on leasehold apartments often necessitates the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to do so. They are at liberty to charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to complete the sale of your home.
My wife and I have hit a brick wall in negotiating a lease extension in Hadley Wood. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Hadley Wood conveyancing firm who can help.
An example of a Lease Extension case for a Hadley Wood residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired term as at the valuation date was 76 years.
A couple of weeks ago I was advised by my lender that their panel conveyancers operate no move no charge basis for conveyancing in Hadley Wood. I had a purchase fall through nevertheless the conveyancers want search fees! They say the fees are independent!
Hadley Wood conveyancing search costs are separate expenses not legal costs as these are paid to independent parties.