What does my ID and proof of funds have anything to do with my conveyancing in Friern Barnet? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you are required to sign should reaffirm this. Your lender will also require certain documents to be viewed. If you refuse to supply ID verification documents, your lawyer would not be able to act for you.
Should my conveyancer be raising questions regarding flooding as part of the conveyancing in Friern Barnet.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Friern Barnet. Plenty of people will buy a house in Friern Barnet, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their lawyers which will figure out the risks in Friern Barnet. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the seller to discover if the premises has suffered from flooding. If the premises has been flooded in past and is not notified by the owner, then a purchaser may bring a compensation claim resulting from an misleading answer. A buyer’s solicitors should also commission an enviro report. This should reveal if there is any known flood risk. If so, more detailed investigations will need to be made.
2 months have elapsed since my purchase conveyancing in Friern Barnet completed. 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 residence 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.
How does conveyancing in Friern Barnet differ for new build properties?
Most buyers of new build residence in Friern Barnet come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Friern Barnet typically buy the real estate, 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 conveyancers 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 accustomed to new build conveyancing in Friern Barnet or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Friern Barnet prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders may refuse to issue a mortgage on this type of premises.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Friern Barnet. Conveyancing may be slightly more expensive based on your lender's requirements.
I previously advised by my bank that their approved solicitors operate no sale no charge basis for conveyancing in Friern Barnet. I had a purchase abort nevertheless the solicitors have invoiced for search fees! They say the fees are independent!
Friern Barnet conveyancing search costs are disbursements not legal fees as these are due to independent parties.