My husband and I are planning to buy a home in Gidea Park and have instructed a Gidea Park conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Ireland have this evening contacted us to inform me that they have now hit a problem as our Gidea Park solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Gidea Park lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Gidea Park? Why is this being asked of me?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Gidea Park. Nowadays you will not be able to complete any conveyancing transaction if you have not supplying evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a bank statement. Remember if you are providing your driving licence as proof of ID it must be both the paper section as well as the photo card part, one is not acceptable in the absence of the other.
Evidence of your origin of funds is necessary under Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor will need to have this information on file. Your Gidea Park conveyancing lawyer will need to see evidence of proof of funds prior to accepting any money from you into their client account and they should also ask further questions regarding the origin of monies.
I can see plenty of here concerning conveyancing in Gidea Park but can you isolate your top tip for selecting the right conveyancer in Gidea Park
We would encourage you not to base your choice on the lowest Gidea Park conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Gidea Park?
There are many registered licenced Conveyancers in Gidea Park and Solicitor firms in Gidea Park offering conveyancing It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. Both can deal with other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I am the sole beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Gidea Park. The Gidea Park property was put into my name in March. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Some banks would take a practical view as this provision principally exists to pick up on subsales or the flipping of property.
Various web forums that I have frequented warn that are the number one reason for hinderance in Gidea Park conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Gidea Park.
Can you provide any advice for leasehold conveyancing in Gidea Park with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Gidea Park can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Obtaining a new share certificate is often a lengthy formality and frustrates many a Gidea Park home move. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Gidea Park state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your conveyancer first. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Gidea Park conveyancing firm to represent me?
Most certainly. We can put you in touch with a Gidea Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Gidea Park residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired term as at the valuation date was 57.5 years.