I can't travel far from Boxmoor. What is the rationale as to why all Boxmoor solicitors are not on all lender panels?
Lenders ordinarily impose restrictions on either the nature or volume of conveyancing solicitors on their approved list of lawyers. Typical examples of such criteria being that a practice must have at least two partners. In addition to restricting the nature of firm, some banks made a decision to limit the number of conveyancers they allow to act for them. You should note that mortgage companies have no responsibility for the accuracy of conveyancing given by any Boxmoor solicitor on their panel. Mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there are contrary opinions about the extent of solicitor involvement in some of that fraud. Statistics published by HMLR exposes that thousands of law organisations only conduct a couple of conveyances a year. Those advocating conveyancing panel pruning question why law firms should have any entitlement to remain on a bank panel when it is evident that conveyancing is not their speciality?
In what way does my ID and proof of funds have anything to do with my conveyancing in Boxmoor? Why is this being asked of me?
Boxmoor conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no more than three months).
Evidence of source of monies is also required under the money laundering statutes as lawyers have a duty to ensure that the funds you are using to purchase a property (whether it be the deposit for exchange or the full purchase amount if you are buying without a mortgage) has originated from legitimate source (such as an inheritance) as opposed to the product of criminal activity.
I used Stirling Law several years ago for my conveyancing in Boxmoor. Now, I need my documents but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Boxmoor of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Boxmoor differ for newly converted properties?
Most buyers of new build property in Boxmoor come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because builders in Boxmoor tend to buy 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 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 Boxmoor or who has acted in the same development.
I was pointed in your direction by numerous selling agents in Boxmoor to choose a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to promote your services over and above alternative conveyancing organisations?
We don’t give any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I work for a long established estate agent office in Boxmoor where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Boxmoor conveyancing firms. Can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Boxmoor Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Are any of leasehold owners in dispute over their service charge liability? What prohibitions are contained in the Boxmoor Lease? Plenty Boxmoor leasehold flats will incur a service charge for the upkeep of the block set on behalf of the landlord. If you purchase the apartment you will have to pay this contribution, usually in instalments throughout the year. This can be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge to be met annual, ordinarily this is not a exorbitant sum, say about £25-£75 but you need to enquire as on occasion it could be many hundreds of pounds.