I am buying a property without a mortgage in Hampstead. I have resided for the last twelve years in Hampstead. Conveyancing searches are expensive. Given that I have knowledge of the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a home loan, then all but one or two of the Hampstead conveyancing searches are optional. Your lawyer will ’encourage you, no-doubt strongly, that you should have searches completed, but he is duty bound to do this. Do consider; if you are going to dispose of the house one day, it could be of importance to your prospective buyer what the searches reveal. There are plenty of instances where premises with day to day issues can still reveal detrimental search results. A competent conveyancing solicitor in Hampstead should be able to give you some constructive guidance in this regard.
What does my ID and proof of funds have anything to do with my conveyancing in Hampstead? Why is this being asked of me?
Hampstead conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to verify 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 ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Evidence of source of funds is also required under the money laundering statutes as conveyancers are duty bound to investigate that the monies you are using to purchase a property (be it the exchange deposit or the total purchase amount where you are a cash purchaser) has come from a reputable source (such as an inheritance) as opposed to the proceeds of criminal behaviour.
What is the optimum way to investigate if the solicitor handling my conveyancing in Hampstead is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Godiva Mortgages Ltd thus paying £187.00 plus VAT in additional conveyancing bill.
You should take advantage of the find a lender approved solicitor tool on this site. Please choose the lender and type ‘Hampstead’ or your preferred area and you will discover numerous conveyancers offices in Hampstead or near you.
I have been told that property searches are the primary cause of hinderance in Hampstead conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Hampstead.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Hampstead I like with amenity areas and railway links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Hampstead suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
What does commercial conveyancing in Hampstead cover?
Non domestic conveyancing in Hampstead covers a wide range of services, supplied by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.