Our Balham solicitor has identified a discrepancy when comparing the information in the valuation survey and what is in the title deeds. My lawyer has advised that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
What does my ID and proof of funds have anything to do with my conveyancing in Balham? Is this really necessary?
Balham conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Confirmation of source of monies is also necessary under the money laundering regulations as lawyers have a duty to check that the monies you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase price where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) and is not the fruits of illegitimate behaviour.
I need some quick conveyancing in Balham as I have an ultimatum to exchange contracts in less than one month. A mortgage is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a cash purchaser you have the choice not to do searches although no conveyancer would suggest that you don't. With plenty of history conveyancing in Balham the following are instances of what can arise and adversely impact future saleability: Enforcement Notices, Overdue Fees, Overdue Grants, Railway Schemes,...
How does conveyancing in Balham differ for newly converted properties?
Most buyers of new build premises in Balham come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Balham tend to purchase the land, 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 conveyancing solicitors 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 Balham or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Balham I like with a park and station nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Balham for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.