Is the fact that my conveyancer in East London is not listed on my lender's conveyancing panel that there is a problem with the quality of the firm’s work?
That is most likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the East London conveyancing firm and ask them why they are no longer on the approved list for your bank.
I am purchasing a property mortgage free in East London. I have resided for the previous 20 years in East London. Conveyancing searches are expensive. As I know the road and vicinity intimately must I have all the conveyancing searches?
In the absence of a mortgage, then almost all of the East London conveyancing searches are at your discretion. Your solicitor will ’encourage you, perhaps strongly, that you should have searches done, but he is duty bound to take that path of guidance. One thing to take into account; if you are intend to dispose of the house at a future date, it could be of relevance to your prospective purchaser what the searches contain. Sometimes premises with functional issues can still throw up unfavourable search results. A competent conveyancing solicitor in East London will provide you some constructive guidance concerning this.
In what way does my ID and proof of funds have anything to do with my conveyancing in East London? Why is this being asked of me?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in East London. Nowadays you will not be able to complete any conveyancing transaction in the absence supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a bank statement. Remember if you are supplying your driving licence as evidence of identification it needs to be both the paper section as well as the photo card part, one is not satisfactory in the absence of the other.
Evidence of your source of monies is necessary in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor will need to have this information on file. Your East London conveyancing lawyer will need to see evidence of proof of funds prior to accepting any money from you into their client account and they should also ask further queries concerning the origin of monies.
About to purchase a new build apartment in East London. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in East London
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I opted to have a survey completed on a house in East London in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend refuse to give a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in East London. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in East London to see if the conveyancing costs will increase in light of this.
Can you offer any advice when it comes to finding a East London conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a East London conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non East London conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
-
How many lease extensions have they completed in East London in the last 12 months? How experienced is the firm with lease extension legislation?
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a East London conveyancing firm to assist?
Absolutely. We can put you in touch with a East London conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a East London property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The unexpired term was 73.26 years.