I am only a couple days away from an exchange on a flat in Borehamwood and Elstree and my mum and dad have transferred the 10% deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The conveyancer is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I used Arc property Solicitors a few years ago for my conveyancing in Borehamwood and Elstree. Now, I need the files but cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Borehamwood and Elstree of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Borehamwood and Elstree differ for new build properties?
Most buyers of new build property in Borehamwood and Elstree come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Borehamwood and Elstree typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Borehamwood and Elstree or who has acted in the same development.
How does the Landlord & Tenant Act 1954 impact my business premises in Borehamwood and Elstree and how can your lawyers assist?
The 1954 Act gives protection to commercial leaseholders, granting the right to apply to court for a renewal lease and continue in occupation when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act for protection and help with commercial conveyancing in Borehamwood and Elstree
Is there a reason that Borehamwood and Elstree conveyancing fees are more expensive for leasehold and freehold properties?
Inevitably there is increased work required for leasehold conveyancing. Borehamwood and Elstree has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.