I was recommended to a lawyer who has given a fee calculation of £1150 for leasehold conveyancing in High Holborn. I am selling a Victorian property for £275,000. This appears too much. Is it in excess of what I should be paying for conveyancing in High Holborn?
The charges are a bit high. If you shop around you may be able to reduce the fees marginally by perhaps a hundred pounds. That being said, you couldcome to regret opting for an an unknown lawyer. If is important to ensure the conveyancer can act for your mortgage company. Do use our comparison tool to find a High Holborn conveyancing practice on the banks approved list of lawyers which can often include conveyancing solicitors in High Holborn.
What does my ID and proof of funds have anything to do with my conveyancing in High Holborn? Is this really necessary?
In order to comply with Money Laundering Regulations any High Holborn conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to check not simply the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
Various web forums that I have come across warn that are the primary cause of hinderance in High Holborn conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in High Holborn.
I am purchasing a new build house in High Holborn with a mortgage from Platform Home Loans Ltd. The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not disclose to my conveyancer about the extras as it may impact my mortgage with Platform Home Loans Ltd. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am employed by a reputable estate agency in High Holborn where we see a few flat sales jeopardised due to short leases. I have been given conflicting advice from local High Holborn conveyancing firms. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in High Holborn. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a High Holborn conveyancing firm who can help.
An example of a Lease Extension case for a High Holborn 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 affected 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.