I am nearing an exchange on a flat in Kingsbury and my mum and dad have transferred the exchange deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is legally required to check with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Kingsbury? Is this really warranted?
Kingsbury 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 ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Proof of source of funds is also necessary under the money laundering regulations as conveyancers are obliged to investigate that the funds you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase price if you are buying without a mortgage) has come from legitimate source (such as employment savings) as opposed to the proceeds of illegitimate activity.
three months have elapsed following my purchase conveyancing in Kingsbury concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm converting the mortgage on my primary house to a buy to let loan with The Mortgage Works and intend to use the remaining equity towards a second house. The neighborhood we are interested in is Kingsbury. Will your lawyers be able to act for the two lenders and tie in the two deals?
Make use of our comparison tool on this site to check that the conveyancers are approved by both mortgage companies. Assuming that they are the conveyancer will be able to simultaneously deal with the two deals but you should have a chat with you solicitor and make apparent your expectations and needs.
All being well we will complete the disposal of our £400,000 flat in Kingsbury next Thursday. The managing agents has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Kingsbury?
For most leasehold sales in Kingsbury conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-exchange questions
Where consent is required before sale in Kingsbury
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I have given up negotiating a lease extension in Kingsbury. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Kingsbury conveyancing firm who can help.
An example of a Lease Extension decision for a Kingsbury flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case related to 1 flat. The unexpired lease term was 70.25 years.
I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Kingsbury. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Kingsbury are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Kingsbury in which case you should be shopping around for a Kingsbury conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.