I am expecting a mortgage with Lloyds. I would like to instruct a Licensed Conveyancer in East Acton. Does the Lloyds Conveyancing panel exclude Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
In what way does my ID and proof of funds have anything to do with my conveyancing in East Acton? Is this really warranted?
East Acton conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also required in compliance with the money laundering statutes as lawyers are required to ensure that the funds you are using to purchase a property (be it the exchange deposit or the total purchase price if you are a cash purchaser) has come from a reputable source (such as employment savings) and is not the product of illegitimate behaviour.
We wanted to use a conveyancing solicitor in East Acton for our house purchase. Our financial adviser informed us that our bank Coventry Building Society won't deal with them. Surely this is unduly restrictive?
Mortgage Companies ordinarily imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the amount of firms they permit to act for them. You should note that Coventry Building Society have no responsibility for the quality of advice provided by any member of Coventry Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there are differing views concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near East Acton only perform very few conveyances per annum.
A colleague advised me that where I am buying in East Acton I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your East Acton conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about East Acton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the East Acton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, East Acton Education with maps and statistics, Local Amenities and other useful data about East Acton.
I'm buying my first flat in East Acton with a mortgage from The Royal Bank of Scotland. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about this deal as it will put at risk my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Last October I purchased a leasehold flat in East Acton. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a East Acton conveyancing firm to assist?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to assess the premium.
An example of a Freehold Enfranchisement case for a East Acton property is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case affected 2 flats. The remaining number of years on the lease was 68.47 years.