My conveyancer has identified a a legal deficiency with the lease for the property we are purchasing in Soho. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions must be adhered to.
What does my ID and proof of funds have anything to do with my conveyancing in Soho? Is this really warranted?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Soho. However these days you can not proceed with any conveyancing deal if you have not handing over proof of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as evidence of ID it must 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 origin of money is mandated under Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer must retain this information on record. Your Soho conveyancing practitioner will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they will also ask additional questions regarding the origin of monies.
Should our lawyer be making enquiries concerning flooding as part of the conveyancing in Soho.
Flooding is a growing risk for solicitors dealing with homes in Soho. Some people will buy a house in Soho, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous checks that may be carried out by the purchaser or by their solicitors which can give them a better understanding of the risks in Soho. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to determine if the property has suffered from flooding. If flooding has previously occurred which is not notified by the vendor, then a purchaser could commence a claim for damages stemming from an misleading answer. A purchaser’s conveyancers should also conduct an enviro report. This should indicate whether there is a recorded flood risk. If so, more detailed investigations should be made.
I have justbecome aware that Action Conveyancing have been shut down. They carried out my conveyancing in Soho for a purchase of a freehold house 18 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Soho conveyancing specialists.
I am thinking of appointing a conveyancing practitioner in Soho for my home move. Is it possible to see a firm’s complaints history with the profession’s regulator?
One can see published Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator sometimes recorded call for training requirements.
What are your top tips when it comes to finding a Soho conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Soho conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Soho conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
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Can they put you in touch with clients in Soho who can give a testimonial?
I inherited a first flat in Soho. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the sum to be paid.
An example of a Freehold Enfranchisement case for a Soho residence 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 number of years remaining on the existing lease(s) was 73.26 years.