I had intended to instruct a property lawyer in Chinatown for our house purchase. Our broker has since advised us that our mortgage company Platform Home Loans Ltd won't deal with them. Why is this not regarded as unduly restrictive?
A lender can insist on a panel conveyancer act for it. Borrowers are expected to meet the charges for this. Try using our tool to get a quote from a solicitor to conduct conveyancing in Chinatown on the Platform Home Loans Ltd approved list of solicitors.
My wife and I are purchasing a house in Chinatown. It might be a silly question but how we can trust a solicitor? On completion day we will need to put funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
is it true that all Chinatown solicitor firms on the Barclays conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
I can not fathom if my lender requires a lease extension. I have telephoned my Chinatown building society branch on various occasions and was informed it wasn't a problem and they will lend. My Chinatown conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The solicitor must follow the CML Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have justdiscovered that Stirling Law have closed. They carried out my conveyancing in Chinatown for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The easiest way to check if the property is in your name, 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 Chinatown conveyancing specialists.
How does conveyancing in Chinatown differ for new build properties?
Most buyers of new build premises in Chinatown contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Chinatown tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Chinatown or who has acted in the same development.
I am in need of some leasehold conveyancing in Chinatown. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Chinatown - 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 decide on such issues? Can you recommend a Chinatown conveyancing firm to help?
Most definitely. We are happy to put you in touch with a Chinatown conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Chinatown flat is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The unexpired residue of the current lease was 73.92 years.
I am purchasing a flat with all finances in place. I have provided solicitor with 2 distinct forms of photo ID, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer acknowledging that the money is legitimate and that it has come from inheritance and not dealing E's in Ibiza.
In today’s world you will not be able to complete any Chinatown conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering Regulations.