Can you help? My Crews Hill conveyancer is informing me me that she is duty bound toapply for Crews Hill conveyancing searches stemming from the fact thatthe firm are on the Lloydssolicitor panel. Is my conveyancer right?
You have limited options available to you. Given that you are taking out a loan with a mortgage company your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Crews Hill conveyancing searches.
In what way does my ID and proof of funds have anything to do with my conveyancing in Crews Hill? Is this really warranted?
In order to comply with Money Laundering Regulations any Crews Hill conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, conveyancers are duty bound to validate not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
We're in Crews Hill, First time buyers purchasing with a mortgage (lender is Barclays , and our solicitor is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm refinancing my existing property to a buy to let mortgage with The Mortgage Works and I will use the ballance of the raised equity towards another property. The neighborhood we are interested in is Crews Hill. Will your solicitors be able to act for both sets of banks and link together the two deals?
Make use of our comparison tool on this site to ensure that the conveyancers are on the appropriate lender panels. Having checked that they are the solicitor should be able to connect the two transactions but you should have a chat with you solicitor and communicate your expectations and requirements.
I am tempted by the attractive purchase price for a two apartments in Crews Hill both have approximately fifty years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Crews Hill is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Crews Hill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Having spent years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Crews Hill. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Freehold Enfranchisement decision for a Crews Hill premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The remaining number of years on the lease was 70.31 years.
At what point do I cover the costs of stamp duty payable for my purchase in Crews Hill?
The solicitor should complete a Land Transaction Return Form on your behalf as part of your Crews Hill purchase transaction for you to sign. On completion your solicitor will submit the STL Return Form to the Inland Revenue and - as long as they have the money - discharge any Stamp Duty payable on your behalf.