I sincerely hope you can assist me. My London conveyancer is assuring me that he is legally obliged toconduct London conveyancing searches due to the fact thatthe firm are on the Santandersolicitor panel. These London searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out London conveyancing searches.
We are purchasing a property and need a conveyancing solicitor in London who is on the Bank of Ireland solicitor panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Bank of Ireland . We don't recommend any particular firms conducting conveyancing in London.
Am I right to be suspicious by brokers that I am dealing with are encouraging me to use an internet conveyancing firm rather than a High Street London conveyancing practice?
As with many professional services, often recommendations from relatives can be worth their weight in gold. Nevertheless there are numerous parties with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders may recommend conveyancers to select. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the recommendation. You are free to choose your own conveyancer. Don't forget that many lenders operate an approved list of lawyers you are obliged to use for the lender aspect of your house move.
I am looking at a two apartments in London both have approximately forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in London 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 value of the premises. For most buyers and mortgage companies, 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 premises 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 residence 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 London 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.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a London conveyancing firm to act on my behalf?
Absolutely. We can put you in touch with a London conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a London residence is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.
Why is New Build conveyancing in London more expensive?
Conveyancing in London for newly converted or new build homes can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further investigations and contractual considerations.