My solicitor has identified a a problem with the lease for the apartment we are buying in Old Malden. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must check that the bank is willing to move forward with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
In what way does my ID and proof of funds have anything to do with my conveyancing in Old Malden? Why is this being asked of me?
Old Malden conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Evidence of source of monies is also required in compliance with the money laundering regulations as conveyancers are duty bound to check that the money you are using to buy a property (whether it be the deposit for exchange or the full purchase amount where you are a cash purchaser) has originated from a reputable source (such as employment savings) as opposed to the product of criminal activity.
How do I discover of the solicitor conducting my conveyancing in Old Malden is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Clydesdale thus paying £187.00 plus VAT in additional conveyancing invoice.
Feel free to take advantage of the find a lender approved solicitor tool on this page. Please choose the lender and type ‘Old Malden’ or your location and you will discover a number of lawyer offices in Old Malden or near you.
What will a local search tell me about the house we're buying in Old Malden?
Old Malden conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search is essential in every Old Malden conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I have a 4 bedroom Edwardian house in Old Malden. Conveyancing lawyer represented me and Aldermore. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Old Malden and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing solicitor who completed the work.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Old Malden is where the house is located. What do you suggest?
Flying freeholds in Old Malden are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Old Malden you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Malden may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.