I am progressing with the sale of my maisonette in Barbican and the EA has just telephoned to advise that the purchasers are switching solicitor. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Barbican ?
Banks have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
I have given 8 weeks notice to my current landlord and have to leave my let out flat in Barbican by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in 4 weeks as don't want to have to move into temporary accommodation?
It is unwise to serve notice for your lease unless exchange of contracts has taken place. Assuming that you have not already done so, speak to your lawyer and request that they chase the sellers side, try to an agreed time frame that all parties will aim to achieve
The Barbican conveyancing firm that I recently instructed on my purchase in Barbican have without warning closed. I only went with them because I needed a firm on the Principality conveyancing panel and my previous Barbican lawyer was not. I cut them a cheque for £250 in advance. What do I do now?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
The deeds to our property are lost. The conveyancers who handled the conveyancing in Barbican 4 years ago are no longer around. Will I be able to sell the house?
Gone are the days when you need to have the physical original deeds to establish that you own the land or property, as the Land Registry hold details of all registered land or property electronically.
What are your top tips when it comes to appointing a Barbican conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Barbican conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Barbican conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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How familiar is the firm with lease extension legislation?
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Barbican conveyancing firm to act on my behalf?
if there is a absentee landlord or where 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 judgment on the premium.
An example of a Lease Extension matter before the tribunal for a Barbican flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The remaining number of years on the lease was 72.39 years.