In what way does my ID and proof of funds have anything to do with my conveyancing in Shoreditch? Is this really warranted?
Shoreditch conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Confirmation of source of monies is also necessary in accordance with the money laundering statutes as conveyancers are mandated to check that the funds you are utilising to buy a property (be it the exchange deposit or the total purchase amount where you are buying mortgage free) has originated from an acceptable source (such as employment savings) rather than the product of illegitimate activity.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Shoreditch property lawyer on the Barclays panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
I currently have a mortgage with Clydesdale for my property in Shoreditch. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval before letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
My sealed bid on a property in Shoreditch has been accepted, the vendors do however have a tied purchase. The owners have offered on on an apartment, however it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have selected a local conveyancing solicitor in Shoreditch. What do I do now? At what stage do I apply for the mortgage with Leeds Building Society?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then valuation, Shoreditch conveyancing search charges, etc). The first course of action is to ensure that your solicitor is on the Leeds Building Society approved list. Concerning the subsequent stages this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a rising market some purchasers will apply for the mortgage with Leeds Building Society and pay for the valuation and only if it comes back ok would they ask their property lawyer to press on with the conveyancing in Shoreditch.
I require expedited conveyancing in Shoreditch as I am faced with pressure to exchange contracts in less than one month. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you have the choice not to have searches carried out although no law firm would suggest that you don't. With lots of history conveyancing in Shoreditch the following are instances of what can crop up and therefore impact the marketability of the property: Enforcement Notices, Outstanding Charges, Outstanding Grants, Road Schemes,...
I'm purchasing a new build house in Shoreditch benefiting from help to buy. The developers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not disclose to my lawyer about this side-deal as it will impact my loan with the lender. 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.
Do you have any top tips for leasehold conveyancing in Shoreditch with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Shoreditch can be reduced if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers. The majority of landlords or Management Companies in Shoreditch levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Shoreditch. If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to ongoing. If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Arranging a replacement share certificate is often a time consuming formality and frustrates many a Shoreditch conveyancing deal. If a new share is required, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Shoreditch. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the sum to be paid.
An example of a Lease Extension case for a Shoreditch premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired lease term was 72.39 years.
It's been quite a while since I last remortgaged a house. A quick search suggests that the fees range considerably. Can you recommend a trustworthy Shoreditch solicitor that can act for me as well as represent HSBC?
LenderPanel.com is restricted to being a directory service for conveyancers who want to be listed as being on the approved conveyancing panel for HSBC in certain areas such as Shoreditch . Our intention is not to recommend any particular conveyancer.