In what way does my ID and proof of funds have anything to do with my conveyancing in Belsize Park? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Belsize Park conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are required to validate not simply the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I am being advised by my lawyer that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Belsize Park?
The appropriate level of missing deeds indemnity insurance depends on your lender. It would differ for example between Santander and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
We are getting a further advance on our mortgage from Santander as we wish to conduct renovations to our home in Belsize Park. Do we need to appoint a local Belsize Park solicitor on the Santander conveyancing panel to deal with the paperwork?
Santander do not ordinarily instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander list.
It is not clear whether my bank requires a lease extension. I have telephoned my Belsize Park building society branch on numerous occasions and was advised it wasn't a problem and they would lend. My Belsize Park conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their specific requirements. I simply don't know who is right.
Your lawyer has to comply with the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly picked up during conveyancing in Belsize Park?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Belsize 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…’
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Belsize Park is the location of the property. What do you suggest?
Flying freeholds in Belsize Park are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Belsize Park you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Belsize Park may determine 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 premises.
I'm converting the mortgage on my primary home to a BTL loan with Nottingham Building Society and intend to use the remaining equity towards further property. The neighborhood we are talking about is Belsize Park. Will your solicitors be able to act for both sets of lenders and link together the transactions?
Make use of our comparison tool on this page to ensure that the lawyers are on the appropriate lender panels. Assuming that they are your solicitor should be able to tie up the two deals but you should have a chat with you lawyer and make clear your expectations and needs.
I’m about to sell my 2 bed flat in Belsize Park. Conveyancing has not commenced, however I have recently received a yearly maintenance charge demand – what should I do?
It best that you discharge the service charge as normal as all ground rent and maintenance invoices should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I have hit a brick wall in seeking a lease extension in Belsize Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the price payable.
An example of a Lease Extension case for a Belsize Park property is First Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case related to 2 flats. The remaining number of years on the lease was 16.83 and 16.43.