What does my ID and proof of funds have anything to do with my conveyancing in Wembley Park? What am I being asked for?
Wembley Park conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Evidence of the origin of funds is also necessary in compliance with the money laundering regulations as lawyers are obliged to investigate that the funds you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase price if you are buying without a mortgage) has come from a reputable source (such as an inheritance) as opposed to the proceeds of criminal activity.
Are there restrictive covenants that are commonly picked up during conveyancing in Wembley Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Wembley Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Wembley Park differ for new build properties?
Most buyers of new build or newly converted property in Wembley Park come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Wembley Park typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wembley Park or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Wembley Park I like with open areas and railway links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Wembley Park suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am intending to sublet my leasehold apartment in Wembley Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease dictates the relationship between the freeholder and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Wembley Park do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Wembley Park. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Wembley Park premises is Ground Floor Flat 69 Clifton Avenue in March 2012. the Tribunal determined that the premium payable for the new lease was £5,932 This case related to 1 flat. The number of years remaining on the existing lease(s) was 76.06 years.
Our lawyer in Wembley Park has uncovered a defect with the lease for the property we are buying in Wembley Park. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.