Am I correct in assuming that the fact that my conveyancer in Hampstead is not listed on my bank's conveyancing panel that there is a problem with the standard of his conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Hampstead conveyancing practice and ask them why they are no longer on the approved list for your bank.
Do the conveyancing lawyers that you recommend conduct auction conveyancing in Hampstead?
We know of a number of auction lawyers we can connect you with those specialising in auction conveyancing. Hampstead is just one of hundreds of areas of in which our lawyers have a presence.
What does my ID and proof of funds have anything to do with my conveyancing in Hampstead? Is this really necessary?
To satisfy the Money Laundering Regulations any Hampstead 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 bill evidencing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to validate not only the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will result in your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Forgive me if this question is silly but I am unexperienced as a 1st time purchaser of a garden flat in Hampstead. Do I pick up the keys to the premises on completion from my lawyer? If so, I will use a local conveyancing solicitor in Hampstead?
On the day of completion you will not be required to attend the conveyancers office in Hampstead. Your solicitors will arrange to send the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be called to receive the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
Please help - my lawyer advises that restrictive coveneant insurance is required on my purchase. What is the level of cover for Hampstead conveyancing?
The appropriate level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
We had instructed conveyancers with offices in Hampstead on the TSB solicitor approved list. They have just billed me a separate amount for handling the TSB mortgage. Is this a supplemental conveyancing fee set by TSB?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancing practitioner may levy a fee for this. The charge is not dictated by TSB but by your Hampstead lawyer. Plenty of firms on the TSB panel will charge an ‘acting for lender’ fee but many firms include it on their overall fee.
A friend suggested that where I am buying in Hampstead I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Hampstead conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Hampstead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Hampstead Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about Hampstead.
Do you have any top tips for leasehold conveyancing in Hampstead from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Hampstead can be avoided where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors. Many freeholders or Management Companies in Hampstead levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Hampstead. A minority of Hampstead leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
After years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Hampstead. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We can put you in touch with a Hampstead conveyancing firm who can help.
An example of a Lease Extension case for a Hampstead flat is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case related to 2 flats. The unexpired term was 16.83 and 16.43.