Unfortunately I am unable to travel far from Barbican. I would like to know the reason why all Barbican solicitors are not on all mortgage company panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in mortgage companies removing a number of firms off their books of approved property lawyers .
My wife and I changing mortgage lender for our flat in Barbican with UBS. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the UBS conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to UBS. This is solely used to protect UBS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of UBS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Should lawyers ask for money on account for my conveyancing in Barbican?
If you are buying a property in Barbican your solicitor will request that you put them with monies to cover the the cost of the conveyancing searches. Generally this is called for to cover the fees of the conveyancing searches. When the down payment is as part of the purchase price then this should be asked for immediately before exchange of contracts. Any further balance that is due should be sent to your lawyer shortly before completion.
In my capacity as executor for the will of my uncle I am selling a residence in Newport but live in Barbican. My lawyer (who is 260 miles awayrequires that I sign a stat dec before the transaction finalising. Can you recommend a conveyancing practitioner in Barbican who can attest this legal document for me?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are located in Barbican
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350,000 flat in Barbican next Tuesday. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Barbican?
Barbican conveyancing on leasehold maisonettes normally requires the buyer’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be willing to do so. They are at liberty to levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
I have given up negotiating a lease extension in Barbican. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Barbican conveyancing firm who can help.
An example of a Lease Extension decision for a Barbican property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired term was 72.39 years.
My husband and I hope to purchase our 1st house in Barbican. Conveyancing solicitor already selected. The broker suggested that a survey is not needed as the house was only constructed in 1997.
You would be well advised to have a Home Buyer's Report. Given the property is over ten years old the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. They will highlight any obvious problems and suggest additional investigation if appropriate. Where there are any signs of material issues get a comprehensive structural survey.