I am acquiring a new build duplex in Plaistow and my lawyer is telling me that she is duty bound to the bank to disclose incentives from the developer. I am on a tight deadline to exchange and I don't want to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold premises in Plaistow yet charged rent, why is this and what is this?
It is rare for properties in Plaistow and has limited impact for conveyancing in Plaistow but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Do the Building Society Association intend to launch a searchable register to list law firms on the Earl Shilton BS conveyancing panel for example in Plaistow?
Lexsure has not been advised of any intention on the part of the BSA to promote such a tool.
Despite weeks of looking the Title Certificate and documents to my home are lost. The conveyancers who handled the conveyancing in Plaistow 5 years ago no longer exist. What do I do?
Assuming the title is registered the information relating to your ownership will be recorded by HMLR under a Title Number. It is possible to carry out a search at the Land Registry, find your property and order up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will usually hold a file duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
Due to the guidance of my in-laws I had a survey completed on a property in Plaistow before retaining solicitors. I have been informed that there is a flying freehold element to the house. My surveyor advised that some banks tend refuse to grant a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Plaistow. Conveyancing will be smoother if you use a solicitor in Plaistow especially if they are accustomed to such properties in Plaistow.
I am purchasing a flat with all finances in place. My lawyer has been handed with 2 separate forms of photographic ID, bank statement, endless utility bills. Now he wants a copy from a probate lawyer advising that the money is in order and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Plaistow conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering laws.