We wanted to use a property lawyer in St Pancras for our house purchase. Our broker informed us that our bank Birmingham Midshires won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most mortgage companies had an appetite for risk which was higher than today. Almost all St Pancras conveyancing firms would have been on many bank panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms relating to their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of conveyancing. Many St Pancras conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. St Pancras is one of the many areas where the solicitors we list are on the panel for Birmingham Midshires.
Me and my brother purchased a semi-detached Georgian house in St Pancras. Conveyancing lawyer represented me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the matching property. 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Pancras and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in St Pancras differ for new build properties?
Most buyers of new build premises in St Pancras contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in St Pancras usually acquire the real estate, 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 accustomed to new build conveyancing in St Pancras or who has acted in the same development.
I was pointed in your direction by numerous property agents in St Pancras to find a conveyancer on your site. Is there a financial inducement for Estate Agents to promote your services over and above alternative conveyancing organisations?
We don’t make any financial incentive for sending work our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My father-in-law has recommend that I use his conveyancers in St Pancras. Should I use them?
There are no two ways about it the best way to select a conveyancing practitioner is to seek referrals from friends or relatives who have used the firm that you are are thinking of instructing.
What advice can you give us when it comes to finding a St Pancras conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a St Pancras conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non St Pancras conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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How familiar is the firm with lease extension legislation? Can they put you in touch with clients in St Pancras who can give a testimonial?
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in St Pancras. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a St Pancras conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St Pancras property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.