My Gidea Park solicitor has discovered an inconsistency when comparing the information in the valuation survey and what is in the conveyancing documents. My lawyer says that he must check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach appropriate?

Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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 you.

In what way does my ID and proof of funds have anything to do with my conveyancing in Gidea Park? Why is this being asked of me?

Gidea Park conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure that clients are who they say they are.

Conveyancing clients will need to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).

Proof of the origin of monies is also necessary in accordance with the money laundering statutes as conveyancers have a duty to investigate that the monies you are using to purchase a property (be it the exchange deposit or the full purchase amount where you are a cash purchaser) has originated from legitimate source (such as employment savings) rather than the proceeds of illegitimate activity.

How does conveyancing in Gidea Park differ for newly converted properties?

Most buyers of new build property in Gidea Park contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Gidea Park typically purchase the site, 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 accustomed to new build conveyancing in Gidea Park or who has acted in the same development.

I have been on the look out for a flat up to £245,000 and found one round the corner in Gidea Park I like with open areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Gidea Park for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?

If you need a home loan the shortness of the lease will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.

What does commercial conveyancing in Gidea Park cover?

Gidea Park conveyancing for business premises covers a wide array of guidance, supplied by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.