What does my ID and proof of funds have anything to do with my conveyancing in Lisson Grove? What am I being asked for?
To satisfy the Money Laundering Regulations any Lisson Grove conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to check not only the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
We are purchasing a 4 bedroom semi-detached house in Lisson Grove. The intention is to carry out a loft conversion at the house.Will the conveyancing process involve investigations to see if these works are allowed?
Your property lawyer will review the registered title as conveyancing in Lisson Grove can on occasion identify restrictions in the title documents which prohibit certain alterations or need the permission of a 3rd party. Certain works need local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.
The mortgage over my property is with Principality for my property in Lisson Grove. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel firm.
Principality have agreed my home loan in principle, my offer on a house in Lisson Grove has been agreed to, what are the next steps?
Your estate agent will want to know who your solicitors are (ensure that the lawyers are on the bank’s approved list). Call up Principality or your financial adviser and complete any appropriate paperwork. Principality will instruct a valuer who will get in touch with the estate agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Principality will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Lisson Grove.
Just had an offer accepted on a new build flat in Lisson Grove. Conveyancing is a frightening process 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 is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Lisson Grove
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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. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Lisson Grove is the location of the property. Can you shed any light on this issue?
Flying freeholds in Lisson Grove are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lisson Grove you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lisson Grove may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to find a conveyancing solicitor for leasehold conveyancing in Lisson Grove. I have land on a site which looks to be the perfect answer If there is a chance to get all the legals completed via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a reputable estate agency in Lisson Grove where we have experienced a few leasehold sales derailed due to short leases. I have received inconsistent advice from local Lisson Grove conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Despite our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Lisson Grove. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a Lisson Grove residence is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case affected 2 flats. The number of years remaining on the existing lease(s) was 24.02 years.