Am I correct in assuming that the fact that my conveyancer in Finsbury Park is not on my bank's solicitor panel that there is a problem with the quality of his conveyancing?
That would most likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor 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 Finsbury Park conveyancing firm and enquire why they are no longer on the approved list for your bank.
What does my ID and proof of funds have anything to do with my conveyancing in Finsbury Park? What am I being asked for?
In order to comply with Money Laundering Regulations any Finsbury Park conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancers are required to investigate not only the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Finsbury Park I like with open areas and transport links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Finsbury Park suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan that many years will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Having had my offer accepted I require leasehold conveyancing in Finsbury Park. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% are in Finsbury Park - 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.
I am the leaseholder of a a ground floor purpose built flat in Finsbury Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Freehold Enfranchisement case for a Finsbury Park residence is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case related to 1 flat. The remaining number of years on the lease was 71 years.
My wife and I have instructed a Finsbury Park conveyancing solicitor for our home move (novice purchasers) and have spotted in the terms and conditions that they are not governed by the FCA. Need I be concerned or is that the norm with property lawyer?
We can't see why they should be. Most lawyer don't lend money. They will be governed by the SRA, who dictate specific laws in relation to monies deposited in their bank.