In what way does my ID and proof of funds have anything to do with my conveyancing in Nine Elms? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you need to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to hand over identification documents, your lawyer would not be able to accept instructions from you.
My lawyer in Nine Elms has never been on on the Aldermore Conveyancing Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are not on the Aldermore approved list?
Your options are as follows:
- Carry on with your existing Nine Elms lawyers but Aldermore will need to use a solicitor on their panel. This will inevitably rack up the total conveyancing fees and cause delays.
- Find an alternative solicitor to act in the conveyancing, remembering to check they are Convince your conveyancer to use their best endeavours to join the Aldermore conveyancing panel
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Nine Elms I like with open areas and railway links nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Nine Elms for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My step-father has urged me to instruct his lawyers for conveyancing in Nine Elms. Should I use them?
Much as we are happy to recommend a Nine Elms conveyancing lawyer it’s preferable to select a conveyancing lawyer is to get feedback from friends or family who have previously instructed the solicitor that you are contemplating using.
I am employed by a busy estate agent office in Nine Elms where we see a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Nine Elms conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that 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. The benefit of this is that the buyer need not have 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 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.
I have given up negotiating a lease extension in Nine Elms. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price payable.
An example of a Lease Extension case for a Nine Elms premises is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case related to 1 flat. The number of years remaining on the existing lease(s) was 57.06 years.