IfI was to purchase a straightforward propertyin South Tottenham mortgage fee and dispense with a survey and no conveyancing searches how much should I expect to to save on my conveyancing in South Tottenham?
Any savings you would gain will be isolated to the South Tottenham conveyancing searches. A property lawyer still be obliged to do everything else - money laundering, communicating with your vendors conveyancer, SDLT submission, register the title etc. A marginal saving might be made by not needing to register a mortgage but it will not be significant.
In what way does my ID and proof of funds have anything to do with my conveyancing in South Tottenham? What am I being asked for?
South Tottenham conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce 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).
Confirmation of source of monies is also required under the money laundering regulations as solicitors are duty bound to check that the funds you are using to acquire a property (be it the exchange deposit or the full purchase monies if you are buying without a mortgage) has originated from a reputable source (such as an inheritance) as opposed to the proceeds of criminal activity.
Are the BSA planning on creating a searchable register to list law firms on the Earl Shilton BS conveyancing panel for instance in South Tottenham?
We have not been informed any plans on the part of the BSA to promote such a tool.
I'm purchasing my first flat in South Tottenham with a loan from Godiva Mortgages Ltd. The builders would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not inform my solicitor about this deal as it would adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in South Tottenham I like with open areas and transport links nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in South Tottenham suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I purchased a house in South Tottenham last 7/8/2024 and to date it is still not registered with HMLR. It is part of a development site and my property lawyer told me that it can take 12 months to complete the registration formalities. I have spoken with HM Land Registry directly and they have informed me the initial application was cancelled due to failure to reply to requisitions. What can I do?
Contact your conveyancer - if you are not getting sensible responses, find out about their firm’s complaints process and escalate your problem to a Partner. Registrations for South Tottenham conveyancing are not known to be particularly slow.