I am hoping to complete my purchase in Kings Langley next Friday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not unique to conveyancing in Kings Langley.
In what way does my ID and proof of funds have anything to do with my conveyancing in Kings Langley? Is this really necessary?
You are right in these requests have nothing to do with conveyancing in Kings Langley. However these days you can not proceed with any conveyancing transaction in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a utility bill. Please note that if you are providing your driving licence as evidence of ID it needs to be both the paper element as well as the photo card part, one is not satisfactory without the other.
Verification of the origin of money is mandated in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer will need to retain this information on record. Your Kings Langley conveyancing lawyer will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask further questions concerning the source of funds.
I used Wolstenholmes a few years ago for my conveyancing in Kings Langley. I now require my papers however the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Kings Langley of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying a new build house in Kings Langley benefiting from help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not reveal to my lawyer about this deal as it would adversely affect my mortgage with Santander. Do I keep my lawyer in the dark?.
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.
I am looking for a leasehold apartment up to £305k and found one close by in Kings Langley I like with open areas and transport links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Kings Langley for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
At what point do I incur the Stamp Duty Land Tax due for my Kings Langley house purchase?
The lawyer will complete a stamp duty return for you as part of your Kings Langley conveyancing transaction for you to sign. After completion your conveyancing practitioner will submit the STL Return Form to the Tax Authorities and - assuming they have the funds - settle any tax bill due for you.