In what way does my ID and proof of funds have anything to do with my conveyancing in Wimbledon? Is this really necessary?
To satisfy the Money Laundering Regulations any Wimbledon conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to investigate not simply the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Do I need to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Wimbledon so that I can attend their offices if necessary.
As opposed to 15 years ago, almost all lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to supply identification documents and there are still distinct advantages to choosing a locally based ayer, in your case a conveyancing solicitor in Wimbledon.
I have been told that property searches are the main cause of stalling in Wimbledon conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Wimbledon.
four months have elapsed following my purchase conveyancing in Wimbledon completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 premises 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.
How does conveyancing in Wimbledon differ for new build properties?
Most buyers of new build property in Wimbledon come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because house builders in Wimbledon tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Wimbledon or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Wimbledon is the location of the property. Can you offer any assistance?
Flying freeholds in Wimbledon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wimbledon you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wimbledon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.