In what way does my ID and proof of funds have anything to do with my conveyancing in Tring? Is this really necessary?
Tring conveyancing solicitors and indeed property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of source of funds is also necessary under the money laundering laws as lawyers are duty bound to ensure that the monies you are using to buy a property (whether it be the deposit for exchange or the full purchase price where you are a cash purchaser) has come from a reputable source (such as employment savings) as opposed to the proceeds of illegitimate behaviour.
We are planning to buy with Norwich and Peterborough Building Society. I called into a few local solicitors but cant to find a Tring conveyancing firm on the Norwich and Peterborough Building Society approved list. Please you help?
Feel free to make use of the find a conveyancing panel solicitor tool on this site. Pick the building society and type Tring or your preferred area and you will be presented with a number of lawyer based in Tring or by proximity to you.
Should our solicitor be raising questions regarding flooding during the conveyancing in Tring.
Flooding is a growing risk for lawyers dealing with homes in Tring. There are those who buy a property in Tring, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a numerous searches that may be initiated by the buyer or by their lawyers which can give them a better appreciation of the risks in Tring. The standard information given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover if the property has historically flooded. If the property has been flooded in past and is not revealed by the owner, then a buyer may bring a legal claim for losses resulting from an inaccurate response. A purchaser’s lawyers may also order an environmental search. This should disclose if there is a recorded flood risk. If so, additional inquiries should be made.
2 months have elapsed since my purchase conveyancing in Tring concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Tring I like with a park and transport links nearby, however it's only got 51 years unexpired on the lease. There is not much else in Tring for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Do online conveyancing organisations cover everything a local Tring solicitor does or must I employ a solicitor for the final stages for my conveyancing in Tring?
Where you use an online conveyancer they will undertake all the work your Tring conveyancer would cover.