My husband and I are getting closer to an exchange on a flat in Shenley and my parents have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. 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 disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Various internet forums that I have visited warn that are a common cause of delay in Shenley conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Shenley.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a quick, chain free conveyancing. Shenley is the location of the property. Can you shed any light on this issue?
Flying freeholds in Shenley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shenley you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shenley may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Do I need to be suspicious by 3rd parties that I am dealing with are recommending an online conveyancing firm as opposed to a High Street Shenley conveyancing practice?
As is the case with many service providers, often referrals from relatives can be most helpful. Nevertheless there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may suggest solicitors to choose. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You have the discretion to select your preferred conveyancer. However, bear in mind that many mortgage providers operate an approved list of conveyancers you are obliged to use for the mortgage related work in your house move.
I am looking for a conveyancing practitioner in Shenley for my house move. Can I review a firm’s complaints history with the profession’s regulator?
Anyone can read presented Solicitor Regulator Association (SRA) determinations stemming from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator may monitor telephone calls for training reasons.
I am employed by a reputable estate agency in Shenley where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Shenley conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I am the proprietor of a first flat in Shenley. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply 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 Shenley property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case related to 1 flat. The unexpired term as at the valuation date was 71.73 years.