In what way does my ID and proof of funds have anything to do with my conveyancing in Broxbourne? Is this really warranted?
Broxbourne conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of monies is also required under the money laundering statutes as conveyancers have a duty to check that the money you are using to buy a property (be it the exchange deposit or the total purchase amount if you are a cash purchaser) has originated from an acceptable source (such as employment savings) rather than the proceeds of criminal activity.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Broxbourne. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Lloyds will require that you use a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
I have been told that property searches are a common cause of stalling in Broxbourne conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Broxbourne.
It has been 3 months since my purchase conveyancing in Broxbourne completed. 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 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 Broxbourne differ for new build properties?
Most buyers of new build residence in Broxbourne come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Broxbourne 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 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 accustomed to new build conveyancing in Broxbourne or who has acted in the same development.