What does my ID and proof of funds have anything to do with my conveyancing in Kilburn? Is this really necessary?
Kilburn conveyancing solicitors and indeed property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity 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 ID (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Proof of source of funds is also necessary under the money laundering statutes as solicitors are mandated to investigate that the monies you are using to purchase a property (whether it be the deposit for exchange or the full purchase price where you are buying without a mortgage) has originated from a reputable source (such as an inheritance) and is not the fruits of illegitimate activity.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Kilburn. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/7/2024, the requirements read as follows :
I have justbeen informed that Stirling Law have closed. They carried out my conveyancing in Kilburn for a purchase of a leasehold flat 10 months ago. How can I be sure that my home is not still registered in the name of the previous owner?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kilburn conveyancing specialists.
I am buying a new build house in Kilburn with a loan from Alliance & Leicester . The builders refused to reduce the amount so I negotiated 6k of additionals instead. The property agent suggested that I not disclose to my conveyancer about the extras as it will put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a house in Kilburn before retaining solicitors. I have been told that there is a flying freehold element to the property. The surveyor has said that some banks may not give a mortgage on such a house.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kilburn. Conveyancing will be smoother if you use a solicitor in Kilburn especially if they are familiar with such properties in Kilburn.
I have just appointed agents to market my garden flat in Kilburn. Conveyancing has not commenced, however I have recently had a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as normal given that all rents and service charges should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I have given up negotiating a lease extension in Kilburn. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to assess the price payable.
An example of a Freehold Enfranchisement decision for a Kilburn flat is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case was in relation to 2 flats. The remaining number of years on the lease was 70.02 years.