My fiance and I are hoping to buy a flat in Holborn and are in fact using a Holborn conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this evening contacted us to inform me that there is now an issue as our Holborn conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Holborn solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The deeds to my property are lost. The conveyancers who did the conveyancing in Holborn 5 years ago no longer exist. What are my options?
You no longer need to have the physical deeds to establish that you own the land or premises, given that the Land Registry have everything they need in a digital format.
I am buying a new build flat in Holborn. Conveyancing is daunting 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 selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Holborn
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There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a leasehold apartment up to £305k and found one near me in Holborn I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Holborn in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My husband and I are novice buyers - had an offer accepted, but the selling agent has warned us that the seller will only move forward if we appoint their chosen conveyancers as they want a ‘quick sale’. We would rather use a local solicitor who is accustomed to conveyancing in Holborn
We suspect that the owner is unaware of this request. Should the owner desire ‘a quick sale', turning down a motivated purchaser is going to damage their objectives. Bypass the agents and go straight to the owners and make sure they comprehend that (a)you are serious purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you will continue to instruct your own,trusted Holborn conveyancing solicitors - as opposed tothose that will earn their estate agent a introducer fee or achieve conveyancing thresholds demanded by head office.
Can you provide any top tips for leasehold conveyancing in Holborn from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Holborn can be bypassed if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Holborn state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you dont have the paperwork to hand you should not contact the landlord without contacting your conveyancer in the first instance. If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Obtaining a duplicate share certificate is often a lengthy formality and delays many a Holborn conveyancing transaction. Where a new share certificate is required, do contact the company officers or managing agents (if applicable) for this sooner rather than later. Some Holborn leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 purchasers or their lawyers.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Holborn conveyancing firm to act on my behalf?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to make a decision on the premium.
An example of a Lease Extension case for a Holborn residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The remaining number of years on the lease was 66.8 years.