In what way does my ID and proof of funds have anything to do with my conveyancing in West Hampstead? Why is this being asked of me?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in West Hampstead. However these days you will not be able to proceed with any conveyancing deal if you have not providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a bank statement. Remember if you are supplying your driving licence as proof of ID it needs to be both the paper element and photo card part, one is not satisfactory in the absence of the other.
Evidence of your source of monies is required in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer must retain this information on record. Your West Hampstead conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional questions regarding the origin of funds.
Please explain the implications if my lawyer’s firm is expelled from the RBS Solicitor panel ahead of completing my conveyancing in West Hampstead?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been told that property searches are the primary reason for delay in West Hampstead house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in West Hampstead.
Hoping to buy a property located in West Hampstead and I am already nervous. I couldn't find anything specific about West Hampstead. Conveyancing will be needed in due course but do you know about the West Hampstead area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at West Hampstead. In the meantime here are some basic statistics that we found
Is it best to use a West Hampstead conveyancing solicitor who is local to the property I am hoping to buy? An old friend can conduct the conveyancing but her office is a couple of hundredmiles drive away.
The primary upside of using a high street West Hampstead conveyancing firm is that you can drop in to sign paperwork, hand in your identification documents and apply pressure on them where appropriate. Having local West Hampstead know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that should trump using an unknown West Hampstead conveyancing solicitor just because they are local.
Do you have any top tips for leasehold conveyancing in West Hampstead from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in West Hampstead can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers’ lawyers. You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and 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 purchasers, but it is better to present the dispute as historic rather than unresolved. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? West Hampstead leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord consenting to such works. Where you fail to have the consents to hand you should not contact the landlord without checking with your conveyancer in the first instance.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a West Hampstead conveyancing firm to assist?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Lease Extension case for a West Hampstead premises is Flat A 372 Cricklewood Lane in January 2013. The Tribunal decided that the premium for the extended lease should be £5,750.00 and that the terms of the new lease should be those set out in annex to the decsion This case related to 1 flat.