The sellers of the property we are hoping to buy hired a conveyancing solicitor in Archway who has recommended a lock out contract with a payment two thousand pounds. Is it wise to enter into such agreements?
This form of agreement is unusual in Archway, conveyancers are not keen on them as they divert attention from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the owner has signed an exclusivity agreement they will sell to you. They may be in contravention of the agreement if they receive a big enough financial inducement to do so because a wronged party with the benefit of a exclusivity agreement will still be duty bound to establish consequential losses from the breach and this may not amount to the financial benefit that your seller may obtain by breaching the agreement, however morally condemnable that may be.
In what way does my ID and proof of funds have anything to do with my conveyancing in Archway? Why is this being asked of me?
Archway conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Evidence of the origin of funds is also required in compliance with the money laundering regulations as lawyers are duty bound to check that the money you are utilising to acquire a property (be it the exchange deposit or the total purchase monies where you are a cash purchaser) has come from an acceptable source (such as an inheritance) as opposed to the fruits of criminal behaviour.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Archway. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Virgin Money will require that you use a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
The deeds to our house can not be found. The conveyancers who dealt with the conveyancing in Archway 10 years ago have long since closed. What do I do?
In today’s world there are copies made of almost everything, and your conveyancer should know precisely where to look for all the suitable paperwork so you may buy or dispose of your house without a hitch. Where duplicates can’t be found, your lawyer can put in place insurance or indemnities against future claims on the property.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Archway I like with a park and station nearby, however it only has 61 years on the lease. I can't really find anything else in Archway for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Estate agents have just been given the go-ahead to market my garden flat in Archway. Conveyancing has not commenced, however I have recently received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you clear the invoice as usual given that all ground rent and maintenance payments will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Notwithstanding our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Archway. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Archway conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Archway premises is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case related to 1 flat. The number of years remaining on the existing lease(s) was 67.85 years.