I have given 8 weeks notice to my current landlord and must vacate my let out apartment in Osterley by 27/8/2020. Conveyancing on my purchase has just started. How realistic is it to complete in 5 weeks as don't want to have to find short term accommodation?
The normal practice is not to provide notice for your lease unless you have exchanged. Assuming that you have not previously done so, update to your solicitor and urge them to they cajole the sellers lawyers, try to get a realistic time scale from them that everyone will work towards
In what way does my ID and proof of funds have anything to do with my conveyancing in Osterley? Why is this being asked of me?
Osterley conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement no more than three months).
Proof of the origin of monies is also necessary in compliance with the money laundering statutes as conveyancers are duty bound to investigate that the funds you are utilising to buy a property (be it the exchange deposit or the full purchase monies where you are a cash purchaser) has come from an acceptable source (such as employment savings) rather than the product of illegitimate behaviour.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Osterley. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 29/6/2020, the requirements read as follows :
I have been told that property searches are the main reason for stalling in Osterley conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Osterley.
Me and my brother have a semi-detached Edwardian property in Osterley. Conveyancing solicitor acted for me and Yorkshire Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Yorkshire Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Osterley and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing solicitor who completed the work.
Due to the guidance of my in-laws I had a survey completed on a property in Osterley ahead of retaining lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Osterley. Conveyancing will be smoother if you use a solicitor in Osterley especially if they are acquainted with such properties in Osterley.