My wife and I are looking to purchase a house in Knightsbridge and have appointed a Knightsbridge conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. have this morning contacted us to advise us that there is now an issue as our Knightsbridge conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Knightsbridge lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Do all mortgage companies provide you with an approved list of Knightsbridge conveyancing solicitors? How do you know who is on the conveyancing panel?
Knightsbridge conveyancing firms themselves provide us confirmation that they are on the conveyancing panel as opposed to being supplied with a list from directly.
I have been advised by my lawyer that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Knightsbridge?
The appropriate level of lack of right of way indemnity insurance should be dictated by who your lender. It would differ for example between and . Conveyancing practitioners as opposed to borrowers take out such policies.
is it true that all Knightsbridge solicitor practices on the conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some lenders do list licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
I am due to exchange contracts on my flat. I had a double glazing fitted in November 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, are being difficult. The Knightsbridge solicitor who is on the conveyancing panel is saying indemnity insurance will be fine but are requiring a building regulation certificate. Why do have a conveyancing panel if they don't accept advice from them?
It is probably the case that have referred the matter to their valuer. The reason why may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Knightsbridge and how can you help?
The particular law that you refer to gives a safeguard to commercial tenants, giving them the dueness to make a request to court for a renewal tenancy and continue in occupation at the end of the lease term. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Knightsbridge
I acquired a split level flat in Knightsbridge, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Knightsbridge with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 50
With 50 years left to run we estimate the premium for your lease extension to be between £36,100 and £41,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.