My wife and I are nearing an exchange on a house in Camden and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has not arrived from me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The property lawyer is legally required to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We note that you have a search directory listing firms on the Principality conveyancing panel. Do companies pay you a commission if I instruct them for our conveyancing in Camden?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Camden.
Do I have to attend the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Camden so that I can attend their offices when needed.
Nowadays conveyancing panel lawyers for mortgage companies undertake the vast majority of work through the post, internet or over the phone. This enables them to carry out the conveyancing transaction no matter where you live in England or Wales. However you should check if you have the option of visiting the offices of your conveyancing lawyer if needed.
I used Arc property Solicitors several years ago for my conveyancing in Camden. Now, I need my documents but the law firm is no longer operating. What do I do?
You should 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 Camden of the conveyancing firm of solicitors you previously retained, 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 Camden differ for newly converted properties?
Most buyers of new build residence in Camden come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Camden tend to 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 Camden or who has acted in the same development.
Last August I purchased a leasehold house in Camden. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Camden. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the amount due.
An example of a Lease Extension matter before the tribunal for a Camden flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The unexpired residue of the current lease was 64.77 years.