What does my ID and proof of funds have anything to do with my conveyancing in Chalk Farm? What am I being asked for?
To satisfy the Money Laundering Regulations any Chalk Farm conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you reside.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to validate not only the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may lead to your solicitor terminating their retainer 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 believe that any monies received by them may contravene the Money Laundering Regulations.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Chalk Farm. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this allowed?
Where you plan to refinance then Aldermore will require that you use a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
How does conveyancing in Chalk Farm differ for newly converted properties?
Most buyers of new build residence in Chalk Farm contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Chalk Farm usually acquire 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 property lawyers 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 used to new build conveyancing in Chalk Farm or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one close by in Chalk Farm I like with amenity areas and railway links in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Chalk Farm suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Am I better off to use a Chalk Farm conveyancing solicitor based in the area that I am hoping to buy? An old friend can execute the legal work however her office is 400miles drive away.
The primary upside of using a local Chalk Farm conveyancing practice is that you can drop in to sign paperwork, hand in your ID and apply pressure on them where appropriate. Having local Chalk Farm know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and the majority were content that must outweigh using an unfamiliar Chalk Farm conveyancing solicitor solely due to them being based in the area.
I am considering appointing an online conveyancing practitioner rather than a Chalk Farm conveyancing practice. Am I making a mistake?
There are advantages of having the opportunity to pop in to a local Chalk Farm conveyancing solicitor such as
- signing documents same day
- having face-to-face explanations of issues that need explaining
- the ability to complain if matters go pear-shaped
When analysing estimates, look carefully for hidden extras. Most decent Chalk Farm high street solicitors give an all-inclusive figure. Many online agents seem to offer discounted prices, yet have hidden 'extras' in the small print.