My partner and I are looking to buy a home in Temple and have appointed a Temple conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this morning contacted us to inform me that there is now an issue as our Temple lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit 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 Accreditation 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 Temple solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Temple? Is this really necessary?
In order to comply with Money Laundering Regulations any Temple conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to ascertain not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Should our lawyer be raising questions about flooding as part of the conveyancing in Temple.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Temple. There are those who buy a property in Temple, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a various searches that can be carried out by the purchaser or by their conveyancers which can give them a better understanding of the risks in Temple. The conventional set of information given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to determine if the premises has historically flooded. In the event that the premises has been flooded in past and is not disclosed by the vendor, then a buyer may bring a legal claim for losses stemming from an misleading answer. A purchaser’s conveyancers may also carry out an environmental search. This should reveal whether there is any known flood risk. If so, more detailed investigations should be made.
Despite weeks of looking the Title Certificate and documents to our property are lost. The conveyancers who conducted the conveyancing in Temple 10 years ago are no longer around. Will I be able to sell the house?
These day there are duplicates made of almost everything, and your conveyancer will be aware precisely where to look for all the relevant documentation so you can purchase or dispose of your house without a hitch. If duplicates can’t be located, your conveyancer may be able to arrange cover in the form of insurance or indemnities against possible claims on the property.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a quick, no chain conveyancing. Temple is where the house is located. Can you shed any light on this issue?
Flying freeholds in Temple are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Temple you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Temple may ascertain 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.
Having had my offer accepted I require leasehold conveyancing in Temple. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Temple - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Temple conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a Temple conveyancing firm who can help.
An example of a Lease Extension case for a Temple 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 related to 1 flat. The unexpired residue of the current lease was 66.8 years.