My lawyer has uncovered a defect with the lease for the property we are buying in East Bedfont. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must check that the lender is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 solicitor will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in East Bedfont? Why is this being asked of me?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in East Bedfont. Nowadays you will not be able to proceed with any conveyancing deal without first supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper part as well as the photo card part, one is not acceptable without the other.
Verification of the origin of money is required under Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancer will need to have this information on record. Your East Bedfont conveyancing solicitor 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 concerning the source of funds.
We are planning to move property in November. Will my conveyancing solicitor update the removal company on the completion day. Incidentally, can you recommend a removal company in East Bedfont. Conveyancing lawyer was chosen prior to coming across your page.
On the afternoon of completion you can collect the house keys from your property agent but this should only take place when the sellers conveyancers confirm to the agent that they have the completion monies and the keys can be released. After that you should advise the removal men that they can start moving you in. We are not in a position to suggest a particular removal organisation but can assist you in finding a residential property solicitor in East Bedfont or a lawyer with expertise in conveyancing in East Bedfont.
I am currently in the process of buying my council flat in East Bedfont. I have a mortgage offer with Principality. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Principality, you will need to appoint a solicitor on the Principality conveyancing panel.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local East Bedfont solicitor - who is on the Co-operative conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own East Bedfont surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
It has been four months since my purchase conveyancing in East Bedfont took place. I have checked the Land Registry website which shows that I paid £200,000 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.
Just had an offer accepted on a new build flat in East Bedfont. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in East Bedfont
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Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants.
Can you provide any top tips for leasehold conveyancing in East Bedfont with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in East Bedfont can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ lawyers. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Some East Bedfont leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
After years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in East Bedfont. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a East Bedfont conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a East Bedfont flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The number of years remaining on the existing lease(s) was 82.93 years.