I am purchasing a brand new flat in North Kensington and my solicitor is telling me that she has to the mortgage company to reveal incentives from the developer. I am under pressure to sign contracts and I have no desire to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in North Kensington? What am I being asked for?
To satisfy the Money Laundering Regulations any North Kensington conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, conveyancers are obliged by law to validate not simply the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may result in your solicitor cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I am looking for a leasehold apartment up to £195,000 and found one near me in North Kensington I like with open areas and railway links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in North Kensington in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
How easy is it to transfer to a new firm as I have to retain one who is on the Santander conveyancing list. I hired a high street conveyancing solicitor in North Kensington round the corner but the firm is not accepted by Santander
We will our best to assist in finding you a conveyancing solicitor in North Kensington on the Santander panel. Please note that the law firms that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in North Kensington. Using search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in North Kensington.
Am I best advised to go with a North Kensington conveyancing practitioner who is local to the property I am buying? I have an old university friend who can carry out the legal work however her office is 300kilometers drive away.
The primary upside of using a local North Kensington conveyancing practice is that you can visit the firm to sign documents, deliver your ID and pester them if necessary. Having local North Kensington know how is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and they were impressed that should trump using an unknown North Kensington conveyancing solicitor just because they are local.
I own a leasehold flat in North Kensington. Conveyancing and Chelsea Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in North Kensington who acted for me is not around. Do I pay?
The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a North Kensington conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have had difficulty in trying to purchase the freehold in North Kensington. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a North Kensington conveyancing firm who can help.
An example of a Lease Extension decision for a North Kensington residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The number of years remaining on the existing lease(s) was 37.79 years.