My partner and I are nearing an exchange on a house in Penge and my mum and dad have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The property lawyer is legally required to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Penge? Why is this being asked of me?
Penge 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 ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Confirmation of the origin of funds is also required in compliance with the money laundering regulations as lawyers are obliged to investigate that the money you are utilising to buy a property (whether it be the deposit for exchange or the full purchase price where you are buying without a mortgage) has come from a reputable source (such as employment savings) and is not the fruits of criminal behaviour.
Due to the encouragement of my in-laws I had a survey completed on a house in Penge before instructing solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will not grant a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Penge. Conveyancing will be smoother if you use a solicitor in Penge especially if they are acquainted with such properties in Penge.
In my capacity as executor for the will of my aunt I am selling a house in Newport but I am based in Penge. My conveyancer (based 200 kilometers awayneeds me to sign a statutory declaration ahead of completion. Could you suggest a conveyancing lawyer in Penge to witness this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are Penge based
Can you provide any advice for leasehold conveyancing in Penge from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Penge can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ representatives. If you hold a share in a the freehold, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate is often a time consuming formality and delays many a Penge home move. If a duplicate share is needed, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible. The majority of freeholders or managing agents in Penge charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Penge. If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Penge leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you fail to have the approvals in place you should not communicate with the landlord without contacting your lawyer first. A minority of Penge leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Penge conveyancing firm to assist?
Where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to arrive at the price.
An example of a Lease Extension case for a Penge premises is Flats 5, 9, 38 & 40 Blakewood Court Anerley Park in January 2012. the tribunal held that the premiums payable for the new lease sare: FLAT 5:- £7,130 FLAT 9:- £7,860 FLAT 38:- £15,867 FLAT 40: £14,834 This case related to 4 flats.