My husband and I are hoping to buy a house in Stamford Hill and are in fact using a Stamford Hill conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Skipton Building Society have this morning contacted us to advise us that there is now an issue as our Stamford Hill solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Stamford Hill lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stamford Hill? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Stamford Hill. Nowadays you will not be able to complete any conveyancing process if you have not handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Remember if you are supplying your driving licence as proof of identification it must be both the paper element and photo card part, one is not acceptable without the other.
Proof of your origin of funds is necessary in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer will need to retain this information on file. Your Stamford Hill conveyancing practitioner will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they will also ask further queries regarding the source of monies.
Just had an offer accepted on a new build flat in Stamford Hill. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Stamford Hill
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
In my capacity as executor for the estate of my grandfather I am selling a property in Swansea but live in Stamford Hill. My conveyancer (based 250 miles awayrequires that I execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing lawyer in Stamford Hill who can attest and place their company stamp on the document?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Stamford Hill based
Having had my offer accepted I require leasehold conveyancing in Stamford Hill. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Stamford Hill - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the proprietor of a second floor flat in Stamford Hill. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Stamford Hill residence is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case affected 1 flat. The unexpired term as at the valuation date was 59 years.
We yesterday discovered that one of the partners of the conveyancing practice handling the purchase conveyancing in Stamford Hill is an uncle of the vendor. Is this permitted?
As long as there is no conflict of interest this should be fine. Where you are needing a mortgage then the lender may have a say as many mortgage companies have specific instructions on this. For example for Bradford & Bingley as of 24/7/2024, the requirements read as follows :