My solicitor has uncovered a a problem with the lease for the flat we are buying in Primrose Hill. The other side have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.
In what way does my ID and proof of funds have anything to do with my conveyancing in Primrose Hill? Is this really necessary?
In order to comply with Money Laundering Regulations any Primrose Hill conveyancing firm will require proof of 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.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to check 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 will result in your lawyer cancelling 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 make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I have been told that property searches are the main reason for stalling in Primrose Hill conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Primrose Hill.
three months have elapsed following my purchase conveyancing in Primrose Hill took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Primrose Hill is the location of the property. What do you suggest?
Flying freeholds in Primrose Hill are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Primrose Hill you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Primrose Hill may decide 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 residence.
I am thinking of appointing a conveyancing practitioner in Primrose Hill for my purchase. Can I see a solicitor's complaints history with the profession’s regulator?
One may search for documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find information Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator may monitor telephone calls for training reasons.