I can't travel far from Euston. Please explain the reason why all Euston lawyers aren't included on all bank panels?
Before the recession most lenders demonstrated an attitude to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the property lawyers on your panel. Accordingly, banks have subsequently looked to extract more information from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of amount of transactions the mortgage companies insisted on.
The owners of the house we are purchasing have appointed a conveyancing practitioner in Euston who has recommended a lock out agreement with a payment of 5k. Is it wise to enter into such agreements?
This kind of arrangement is not the norm in Euston, conveyancers will often encourage clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the seller has executed an exclusivity contract they will sell to you. They may breach the agreement if they receive a big enough incentive to do so because an aggrieved claimant with the benefit of a lockoutcontract will still be obliged show losses as a consequence of the breach and this may not compare to the financial upside that the owner may gain by breaking the contract, however morally reprehensible it undoubtedly is.
What does my ID and proof of funds have anything to do with my conveyancing in Euston? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Euston conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to validate not simply the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer 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 notify the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
I am looking to sell my house. My past solicitors closed down. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Euston if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in Euston. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
Do you have any advice for leasehold conveyancing in Euston from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Euston can be avoided where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers. A minority of Euston leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you hold a share in a the freehold, you should make sure that you have the original share certificate. Arranging a re-issued share certificate can be a time consuming formality and delays many a Euston conveyancing deal. Where a duplicate share is required, you should approach the company officers or managing agents (where relevant) for this sooner rather than later. You may think that you are aware of the number of years left on your lease but you should double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. Many freeholders or managing agents in Euston levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Euston.
Euston Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
Can you tell me if there are any major works in the near future that will add a premium to the service charges? How is the lease structured? How much is the yearly service fee and ground rent?