What does my ID and proof of funds have anything to do with my conveyancing in St Ives? What am I being asked for?
St Ives conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also necessary in accordance with the money laundering regulations as solicitors are mandated to ensure that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase price if you are buying without a mortgage) has come from a reputable source (such as an inheritance) and is not the fruits of illegitimate behaviour.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a St Ives solicitor on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I am selling my flat. I had a double glazing fitted in May 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Leeds Building Society are being a right pain. The St Ives solicitor who is on the Leeds Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
TSB have agreed my home loan in principle, my bid on a house in St Ives has been agreed to, now what?
The estate agent will want to know who your solicitors are (ensure that the conveyancers are on the bank’s approved list). Call up TSB or the financial adviser and finalise any relevant paperwork. TSB will instruct a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. TSB will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in St Ives.
Should my lawyer be asking questions regarding flooding during the conveyancing in St Ives.
Flooding is a growing risk for lawyers dealing with homes in St Ives. There are those who acquire a house in St Ives, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or by their lawyers which can figure out the risks in St Ives. The conventional set of property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to find out if the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer could issue a legal claim for losses resulting from an inaccurate answer. A purchaser’s lawyers should also carry out an enviro report. This should disclose whether there is any known flood risk. If so, more detailed investigations will need to be carried out.
It has been four months following my purchase conveyancing in St Ives took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 asset 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.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in St Ives I like with amenity areas and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in St Ives suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.