I can't travel far from Muswell Hill. I would like to know the understand why all Muswell Hill property lawyers are not on all lender panels?
Mortgage companies highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in mortgage companies removing a number of firms from their official list of approved lawyers .
What does my ID and proof of funds have anything to do with my conveyancing in Muswell Hill? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Muswell Hill conveyancing firm will require proof of identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are required to investigate not simply the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer 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 inform the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I am considering applying for a TSB mortgage for purchase of a newly converted (under development) in Muswell Hill with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am purchasing my first flat in Muswell Hill with a mortgage from Leeds Building Society. The builders would not budge the price so I negotiated 6k of additionals instead. The house builders rep told me not to tell my solicitor about the side-deal as it would adversely affect my loan with Leeds Building Society. 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.
My husband and I are first time buyers - had an offer accepted, yet the selling agent advised that the seller will only move forward if we use their chosen conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a high street solicitor used to conveyancing in Muswell Hill
We suspect that the seller is unaware of this request. If they require ‘a quick sale', alienating a motivated purchaser is going to damage their objectives. Try to communicate with the sellers directly and make sure they understand (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you intend to instruct your own,trusted Muswell Hill conveyancing lawyers - rather thanthe ones that will earn their estate agent a referral fee or achieve conveyancing figures set by senior management.
I only have 68 years remaining on my flat in Muswell Hill. I now wish to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to find the lessor. In some cases a specialist would be useful to try and locate and prepare an expert document which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Muswell Hill.
After months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Muswell Hill. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Muswell Hill conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Muswell Hill residence is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case related to 1 flat. The number of years remaining on the existing lease(s) was 65.21 years.