In what way does my ID and proof of funds have anything to do with my conveyancing in Haringey? What am I being asked for?
Haringey conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Confirmation of source of funds is also necessary in accordance with the money laundering laws as lawyers are obliged to check that the money you are using to buy a property (be it the exchange deposit or the full purchase monies where you are a cash purchaser) has come from legitimate source (such as an inheritance) rather than the proceeds of illegitimate behaviour.
We were going to get a DIP from Virgin Money this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Haringey solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint Haringey solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
I am due to exchange contracts on my flat. I had a double glazing fitted in June 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Nationwide are being a right pain. The Haringey solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Haringey solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Haringey postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Haringey.
A relative recommended that if I am buying in Haringey I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Haringey conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Haringey around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Haringey Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data regarding Haringey.
I am purchasing a new build house in Haringey benefiting from help to buy. The developers refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my conveyancer about this deal as it could 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.
We're new on the property ladder - agreed a price, yet the agent has warned us that the seller will only proceed if we use the agent's chosen lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Haringey
It is unlikely the sellers are behind this. Should the seller require ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Speak to the owners direct and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you will continue to use your own,trusted Haringey conveyancing firm - as opposed tothe ones that will provide the estate agent a kickback or achieve conveyancing thresholds pre-set by HQ.
I am looking at a couple of maisonettes in Haringey both have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Haringey is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Haringey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a two-bedroom flat in Haringey. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Lease Extension decision for a Haringey property is 16 Langham Close in June 2009. The Tribunal determined that the premium to be paid by the Applicant to the Respondent for the grant of a new lease was £45,672. This case was in relation to 1 flat. The unexpired residue of the current lease was 25.4 years.