Me and my partner are buying a 3 bedroom apartment in Barnsbury with a mortgage. We like our Barnsbury lawyer, however the lender says he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Barnsbury property lawyer as well as pay for one of their panel ones to represent them. This seems very unfair; can we not require that the mortgage company use our Barnsbury conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Barnsbury conveyancing lawyer to apply to be on the conveyancing panel.
I am need of leasehold conveyancing for an apartment in a fairly new development (6 years old) in Barnsbury. Almost all the flats have already been sold. Is it strictly necessary to order neighbourhood searches for my conveyancing in Barnsbury?
If you are purchasing a property with the assistance of a loan, your bank will need some (many) of the searches so you'll have no choice. If not, then Barnsbury conveyancing searches are for you to decide upon. Your lawyer, will ’encourage’, perhaps in the strongest possible terms, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you choose to instruct your lawyer to proceed without searches then your lawyer will have to follow your instructions or ask you to appoint a different lawyer for your conveyancing in Barnsbury.
It is 10 years ago since I acquired my house in Barnsbury. Conveyancing solicitors have recently been instructed on the sale but I can't locate the title documents. Is this a problem?
Don’t worry too much. Firstly the deeds may be kept by the lender or they could stored with the lawyers who oversaw the purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Barnsbury involves registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
How does conveyancing in Barnsbury differ for newly converted properties?
Most buyers of new build residence in Barnsbury approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Barnsbury typically acquire the real estate, 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 conveyancers 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 used to new build conveyancing in Barnsbury or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Barnsbury from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Barnsbury can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers’ lawyers. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Barnsbury state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such alterations. If you dont have the approvals to hand do not contact the landlord without contacting your lawyer in the first instance. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate is often a time consuming formality and frustrates many a Barnsbury conveyancing deal. If a reissued share certificate is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later. Some Barnsbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 buyers or their lawyers.
After months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Barnsbury. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Barnsbury conveyancing firm who can help.
An example of a Lease Extension decision for a Barnsbury premises is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case affected 1 flat. The unexpired term as at the valuation date was 62.79 years.
What is the reason for my conveyancing practitioner requiring numerous items of identification ahead of starting selling or buying a property in Barnsbury?
Barnsbury lawyers are required by the Law Society, SRA, HM Land Registry and current Money Laundering Regulations to record that the have checked the identity of their clients. It will also be a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, national insurance number and DOB.