I am in the process of selling my apartment in Kempston and the estate agent has just telephoned to say that the buyers are appointing a new law firm. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Kempston ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Kempston? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Kempston conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, conveyancers are required to ascertain not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your solicitor 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 relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
A friend suggested that if I am buying in Kempston I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Kempston conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Kempston around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Kempston Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Kempston Education with plans and statistics, Local Amenities and other useful data concerning Kempston.
Me and my brother own a renovated Victorian property in Kempston. Conveyancing practitioner represented me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kempston and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with your conveyancing practitioner who conducted the work.
About to purchase a new build flat in Kempston. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Kempston
Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I only have 62 years left on my lease in Kempston. I now wish to extend my lease but my freeholder is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you have used your best endeavours to find the landlord. For most situations a specialist would be helpful to conduct investigations and to produce an expert document to be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Kempston.
Kempston Leasehold Conveyancing - Examples of Queries Prior to Purchasing
For most Kempston leaseholds the outlay for major works tend not to be incorporated into the maintenance charges, albeit that there some managing agents in Kempston ask tenants to contribute towards a reserve fund and this is used to offset against larger works. Does this lease have more than 90 years unexpired? Is the freehold reversion owned collectively by the leaseholders?