What does my ID and proof of funds have anything to do with my conveyancing in Lambeth? Is this really necessary?
To satisfy the Money Laundering Regulations any Lambeth conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you live.
Under Money Laundering Regulations, conveyancers are duty bound to validate not only the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Lambeth?
There are two types of lawyers who can do conveyancing in Lambeth namely CLC regulated conveyancers or solicitors. The two can provide conveyancing services that required to complete the disposal or acquisition of property. They are both required to execute Lambeth conveyancing to the same standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly carried out and that all requirements and procedures will be appropriately followed.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lambeth building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My Lambeth conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
Your solicitor has to follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My sealed bid on a detached house in Lambeth has been agreed to, but there is a chain. The owners have placed an offer on a flat, but it’s not yet tied up, and have viewings of other properties booked. I have selected a local conveyancing solicitor in Lambeth. What do I do now? At what stage do I apply for the mortgage with RBS?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx one thousand pounds, then valuation, Lambeth conveyancing search fees, etc). First, you must check that your lawyer is on the RBS approved list. As to the subsequent steps this very much dictated by the uniqueness of your case, motivation for the property and on the state of the market. In a hot market many home buyers would apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to move forward with searches.
What does a local search inform me concerning the property my wife and I buying in Lambeth?
Lambeth conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays an important part in many a Lambeth conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search will supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I'm buying my first flat in Lambeth with a mortgage from Nottingham Building Society. The developers would not budge the price so I negotiated 6k of extras instead. The sale representative advised me not disclose to my conveyancer about the deal as it may adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
What advice can you give us when it comes to finding a Lambeth conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Lambeth conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Lambeth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
How familiar is the firm with lease extension legislation?
I am the registered owner of a ground floor flat in Lambeth. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Lambeth conveyancing firm who can help.
An example of a Lease Extension decision for a Lambeth premises is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The unexpired lease term was 56 years.
My wife and I are purchasing a first floor flat in Lambeth. When we first instructed solicitor, they said that they were on all mainstream lender panels. Our financial adviser emailed yesterday to advise that they don't seem to be on the Co-operative approved list. Were it to be true, what should we do? Do we just find a new conveyancing practitioner that is on their approved list or do we pay for separate representation, with Co-operative selecting their own preferred conveyancer.
When buying a property with mortgage finance it is usual for the purchaser’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancing practitioner has to satisfy. Some mortgage companies now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should call Co-operative to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Co-operative's conveyancing panel as you are at liberty to use your preferred Lambeth lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.