It has come to my attention via my financial adviser that my Pentonville solicitor is not on the mortgage company Conveyancing panel. How can I be sure that this is correct?
You need to call your Pentonville lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may recommend you to a Pentonville conveyancing firm that is on the approved list of lawyers for your mortgage company.
In what way does my ID and proof of funds have anything to do with my conveyancing in Pentonville? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Pentonville conveyancing firm will require evidence of your identity in all conveyancing matters. 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, property lawyers are required to ascertain 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 may result in your solicitor 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 consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Pentonville I like with a park and transport links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Pentonville suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can 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 consult your conveyancing lawyer regarding this.
Harry (my fiance) and I may need to sub-let our Pentonville ground floor flat for a while due to taking a sabbatical. We instructed a Pentonville conveyancing firm in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Pentonville do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Pentonville conveyancing firm to help?
Most certainly. We can put you in touch with a Pentonville conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Pentonville flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.
New build sellers have recommended to me a property lawyer and I've received an estimate from them. They are almost £250 cheaper than my preferred Pentonville property lawyer. Should I use them?
Developers normally have lists of conveyancers who are quick and who know the developer’s contract and property lawyer. As many developers offer an inducement to use a preferred property lawyer for this reason, any increased cost can be avoided and a builder won't recommend a conveyancing warehouse and run the risk of having the transaction delayed when they demand an exchange inside a month. A counter-argument for not opting for the recommended conveyancer is that they may prove hesitant to fight for your interests at the risk of upsetting the housebuilder. Where you have concerns that this may be the situation you should stick with your local Pentonville conveyancing practitioner.