I can't travel far from London. I would like to know the reason why all London lawyers aren't included on all bank panels?
Before the recession most banks displayed an approach to risk which is different from today. The FSA in 2010 carried out a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. As a result, banks have subsequently requiredmore information from law firms regarding their processes and the staff who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of volume of transactions the lenders insisted on.
In what way does my ID and proof of funds have anything to do with my conveyancing in London? Why is this being asked of me?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in London. Nowadays you will not be able to complete any conveyancing deal without first handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are providing your driving licence as proof of ID it needs to be both the paper part as well as the photo card part, one is not acceptable in the absence of the other.
Evidence of your origin of monies is mandated in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancing solicitor must have this information on record. Your London conveyancing practitioner will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask additional queries concerning the origin of monies.
This question may be naive but I am wet behind the ears as a 1st time buyer of a two bedroom flat in London. Do I collect the keys to the property on the completion date from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in London?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you should be invited to collect the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.
My wife and I have organised a further advance on our mortgage from Nationwide as we intend to conduct improvements to our property in London. Do we need to appoint a nearby London solicitor on the Nationwide conveyancing panel to deal with the paperwork?
Nationwide don't usually appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide panel.
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, TSB are being problematic. The London solicitor who is on the TSB conveyancing panel is recommending indemnity insurance as a solution but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. London is the location of the property. What do you suggest?
Flying freeholds in London are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in London you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in London may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am a sole trader hoping to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering no-move-no charges for non-domestic conveyancing in London for less than 1500k?
We can recommend firms who host a wealth of experience of commercial conveyancing in London, including the sale and purchase of businesses as well as simply premises. Whether you are hoping to purchase or sell a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right firm. Regarding the costs these will vary based on the structure and complexity of the deal. Please provide us with your details or phone so as to enable us to furnish you with comprehensive commercial conveyancing quote.
Having had my offer accepted I require leasehold conveyancing in London. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in London - then the leasehold title will always include the basic details 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.
Despite our best endeavours, we have been unsuccessful in negotiating a lease extension in London. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a London conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a London flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The unexpired term as at the valuation date was 73.26 years.