In what way does my ID and proof of funds have anything to do with my conveyancing in Chinatown? Is this really necessary?
Chinatown conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Confirmation of source of monies is also necessary under the money laundering statutes as lawyers are mandated to investigate that the money you are utilising to buy a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has come from an acceptable source (such as an inheritance) as opposed to the product of illegitimate behaviour.
Various online forums that I have visited warn that are a common reason for delay in Chinatown house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Chinatown.
It has been 2 months following my purchase conveyancing in Chinatown took place. I have checked the Land Registry website which shows that I paid £150,000 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 premises 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.
I am buying a new build apartment in Chinatown. Conveyancing is daunting 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.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Chinatown
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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.
I am looking into buying my first house which is in Chinatown and I am already nervous. I couldn't find anything specific about Chinatown. Conveyancing will be needed in due course but do you know about the Chinatown area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chinatown. In the meantime here are some basic statistics that we found
I happen to be an executor of my recently deceased parent's Will, with a house in Chinatown which will be marketed. The house is unregistered at the Land Registry and I'm told that some estate agents will insist that it is completed before they'll proceed. What's the procedure for this?
In the situation you refer to it seems advisable to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.