In what way does my ID and proof of funds have anything to do with my conveyancing in Hyde Park? Is this really necessary?
Hyde Park conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Evidence of source of funds is also necessary under the money laundering statutes as lawyers are mandated to check that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are a cash purchaser) has originated from a reputable source (such as employment savings) as opposed to the product of illegitimate behaviour.
Do commercial conveyancing searches disclose planned roadworks that could affect a commercial premises in Hyde Park?
Its becoming the norm that commercial conveyancing solicitors in Hyde Park will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Hyde Park. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hyde Park.
For every commercial conveyancing transaction in Hyde Park it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Hyde Park commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Hyde Park.
About to purchase a new build apartment in Hyde Park. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Hyde Park
-
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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.
I am 14 days into a freehold purchase having been referred to solicitors by the estate agent to handle our conveyancing in Hyde Park. I am not happy. Could you you assist me in finding new lawyers?
They would have to be very poor in order to consider changing them. Has your mortgage been sent? In the event that it has you will need to make them aware of the new contact details and have the loan are re-sent. Your new conveyancer needs to be on the lenders approved list to avoid escalating expenses and complications. So that should be your first question of the new conveyancers. The search tool will help you find a bank approved solicitor for your home move in Hyde Park
My wife and I may need to rent out our Hyde Park 1st floor flat for a while due to a career opportunity. We used a Hyde Park conveyancing practice in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
A lease dictates relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, 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. Most leases in Hyde Park do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I am the registered owner of a split level flat in Hyde Park, conveyancing was carried out May 1999. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Hyde Park with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2085
You have 59 years remaining on your lease the likely cost is going to range between £20,900 and £24,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Our solicitor in Hyde Park has uncovered a a problem with the lease for the property we are purchasing in Hyde Park. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
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 Hyde Park 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 must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the lender