Some advice if I may. My Barnet solicitor is assuring me that he has toorder Barnet conveyancing searches stemming from the fact thatthe firm are on the Lloydsconveyancing panel. Is this really necessary?

Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Barnet conveyancing searches.

In what way does my ID and proof of funds have anything to do with my conveyancing in Barnet? Why is this being asked of me?

In order to comply with Money Laundering Regulations any Barnet 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 evidencing your correct address.

Under Money Laundering Regulations, conveyancing solicitors are required to validate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to 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 will have an obligation to notify the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.

We're in Barnet, FTBs purchasing with a mortgage (lender is , and our lawyer is on the conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

How do I locate a Barnet solicitor on the conveyancing panel? I drive a motor bike and am prepared to travel upto 20miles to meet the solicitor.

You can use the tool on this page. Please pick a lender and your location and you will see a number of Barnet conveyancing lawyers located nearest you. We have detailed some Barnet conveyancing firms at the bottom of this page and you can contact them to verify whether they are on the member panel

I am tempted by the attractive purchase price for a two apartments in Barnet which have about forty five years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Barnet is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Barnet conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Barnet Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

Are any of leasehold owners in arrears of their service charge liability? Is anyone aware of any major works in the planning that will add a premium to the maintenance fees? How is the lease structured?