What does my ID and proof of funds have anything to do with my conveyancing in Pimlico? Is this really necessary?
You are right in these requests have nothing to do with conveyancing in Pimlico. However these days you can not proceed with any conveyancing transaction in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are providing your driving licence as evidence of identification it must be both the paper section as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of your origin of monies is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer will need to have this information on record. Your Pimlico conveyancing solicitor will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional questions concerning the source of funds.
Having invested time looking at mumsnet.com for a conveyancing lawyer in Pimlico, most post that I must instruct a CQS accredited solicitor. Can you explain what CQS is?
Pimlico Conveyancing Quality Scheme practices have achieved certification by the law Society CQS was established to promote high standards in the in the legal transfer of properties. CQS helps buyers and sellers to recognise practices that provide a quality residential conveyancing. Pimlico is one of the many areas in England and Wales in which CQS have a presence. The conveyancing scheme requires practices to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
I'm spending time viewing flats in Pimlico and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with TSB.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are taking out a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with TSB for my property in Pimlico. Conveyancing was finalised some time 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 TSB?
TSB must be informed of your intention prior to renting your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will permit you to let 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 TSB directly. It should not be necessary to do this via a TSB conveyancing panel lawyer.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Pimlico bank branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Pimlico conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Do I need to take out insurance to cover chancel repairs when buying a house in Pimlico?
Unless a prior acquisition of the house took place after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Pimlico to remain recommending a chancel search and or chancel repair liability insurance.
I'm purchasing a new build house in Pimlico with a mortgage from Yorkshire Building Society. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my conveyancer about the side-deal as it may put at risk my loan with the lender. 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.
I only have 68 years left on my flat in Pimlico. I now wish to get lease extension but my freeholder is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the freeholder. For most situations an enquiry agent would be helpful to try and locate and to produce an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Pimlico.
I own a a ground floor purpose built flat in Pimlico. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension case for a Pimlico 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 term as at the valuation date was 56 years.