We are acquiring a new build apartment in Borehamwood and Elstree and my lawyer is telling me that she has to the lender to disclose incentives from the developer. The Estate Agents are hassling me to exchange contracts and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What happens if my lawyer’s firm is removed from the Lloyds Solicitor panel ahead of completing my conveyancing in Borehamwood and Elstree?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am helping my niece sell her property in Borehamwood and Elstree. Does the solicitor order an EPC or it is for me to coordinate?
After the demise of HIPs, energy assessments became a required component of moving house. An energy assessment needs to be to hand in advance of the property being advertised. It is not a task that law firms ordinarily organise. Where you are using a Borehamwood and Elstree conveyancing practitioner they may be willing to arrange energy assessments given their contacts with reputable Borehamwood and Elstree accredited person
I am the single beneficiary of my late father’s will and I have everything in my name now, including the house in Borehamwood and Elstree. The Borehamwood and Elstree property was put into my name in June. I plan to dispose of the property. I do know about the CML 6 month 'rule', which means that my proprietorship may be considered the same way as though I had purchased the house in June. Do I have to wait 6 months to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. Most mortgage companies would take a sensible view as this obligation chiefly exists to capture subsales or the flipping of properties.
is it true that all Borehamwood and Elstree conveyancing solicitors on the Leeds Building Society conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be regulated by the CLC.
I am a negotiator for a busy estate agent office in Borehamwood and Elstree where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Borehamwood and Elstree conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I acquired a studio flat in Borehamwood and Elstree, conveyancing was carried out October 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Borehamwood and Elstree with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2089
With 70 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
My step-mother completed her conveyancing in Borehamwood and Elstree eight years ago. She has got married, widowed and is now remarried. She now wishes to dispose of the Borehamwood and Elstree property. I suspect that she will just be need to provide a copy of the marriage certificates to the solicitor but she is worried it could frustrate the sale of the property. Should she instruct a lawyer to update the Land Registry documents for the house?
It is not absolutely necessary to bring up to date the title for the property as long as you have the proof needed to demonstrate how the change of name resulted.
The purchaser’s lawyer will examine the registered details and requisition evidence by way of proof of the change of name for instance marriage certificates.