What does my ID and proof of funds have anything to do with my conveyancing in Isle of Dogs? What am I being asked for?
In order to comply with Money Laundering Regulations any Isle of Dogs conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you reside.
Under Money Laundering Regulations, property lawyers are obliged by law to check not simply the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Isle of Dogs?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Isle of Dogs. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £235,500 and found one near me in Isle of Dogs I like with a park and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Isle of Dogs for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My husband and I are first time buyers - agreed a price, yet the property agent told us that the owners will only issue a contract if we use the agent's chosen solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor with experience of conveyancing in Isle of Dogs
We suspect that the seller is not behind this demand. If they desire ‘a quick sale', alienating a motivated purchaser is likely to cause more damage than good. Try to communicate with the owners directly and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you are going to appoint your own,trusted Isle of Dogs conveyancing firm - rather thanthe ones that will earn the estate agent a commission or achieve conveyancing figures demanded by corporate headquarters.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Isle of Dogs. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Isle of Dogs ?
The majority of houses in Isle of Dogs are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Isle of Dogs so you should seriously consider looking for a Isle of Dogs conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
I am the proprietor of a a ground floor purpose built flat in Isle of Dogs. 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 where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the LVT to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement decision for a Isle of Dogs residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired term was 101.61 years.
I need to review costs for conveyancing in Isle of Dogs from three property lawyer and decide on one. Should I get them to hold tight until I I have my bid accepted on a apartment.
We suggest that you wait to ask your property lawyer to open a file and submit searches once the sales memorandum has been sent by the selling agent especially as Isle of Dogs conveyancing searches are costly.