I can't travel far from Barnsbury. I would like to know the understand why all Barnsbury conveyancers aren't included on all lender panels?
Even though it may seem unfair for banks to restrict who can represent them, from the public’s or solicitor’s perspective, the other side of the coin is that lending institutions are becoming ever more anxious and regard it essential to defend themselves from mortgage fraud. As a result of this concern lenders are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
We are getting closer to an exchange on a flat in Barnsbury and my mum and dad have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We wanted to use a property lawyer in Barnsbury for our house move. Our financial adviser has since advised us that our mortgage lenders Lloyds TSB Bank won't deal with them. Why is this not regarded as unfair competition?
Banks tend to imposes restrictions either the category or the volume of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the amount of solicitor practices they allow to represent them. Be aware that Lloyds TSB Bank have no responsibility for the quality of advice provided by any member of Lloyds TSB Bank Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels a few years ago even though there are mixed views about the level of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that hundreds of law firms, including some in or near Barnsbury only conduct one or two conveyances per annum.
Just bought a detached house in Barnsbury , how long will it take for the Land Registry to record my title? My Barnsbury conveyancing solicitor has been very slow, so I want to check that my name is recorded.
There is nothing unique when it comes to conveyancing in Barnsbury registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any 3rd parties. At present in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be longer hold-ups. Historically registration is effected once the purchaser has moved in to the premises so an expedited registration is not always an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I need to retain a conveyancing solicitor for some conveyancing in Barnsbury. I have stumble across a site which seems to have the perfect offering If it is possible to get all formalities done via email that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a long established estate agent office in Barnsbury where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Barnsbury conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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 need not have to sit tight for 2 years for a lease extension. 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.
Alternatively, it may be possible 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 buyer.
I inherited a garden flat in Barnsbury. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the premium.
An example of a Lease Extension matter before the tribunal for a Barnsbury property is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case was in relation to 1 flat. The unexpired term was 62.79 years.