Please explain the implications if my lawyer’s firm is removed from the Co-operative Conveyancing panel ahead of completing my conveyancing in Colney Hatch?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Various online forums that I have visited warn that are the main reason for stalling in Colney Hatch conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Colney Hatch.
Me and my brother have a semi-detached Georgian property in Colney Hatch. Conveyancing solicitor acted for me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Colney Hatch and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing practitioner who completed the work.
I'm buying a new build house in Colney Hatch with a loan from Barclays Direct. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not to tell my conveyancer about the deal as it would adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a house in Colney Hatch in advance of retaining solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies tend refuse to grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Colney Hatch. Conveyancing will be smoother if you use a solicitor in Colney Hatch especially if they are acquainted with such properties in Colney Hatch.
Me and my husband are first time buyers just having agreed a price on a property in Colney Hatch, and are now looking to get solicitors lined up. I have used the different comparison tools and the results are from all over the country. Is it necessary to have a Colney Hatch conveyancer local to the potential new home? We are fine to do all the communicating over the web, but I am thinking at some point we may need to physically go into the conveyancer's office to sign documents?
Generally there is no requirement to physically visit the office of your lawyer, they can send any relevant contracts to you, which you can sign and send back. Many buyers and sellers choose to use a locally based solicitor, but it's by no means a prerequisite for conveyancing in Colney Hatch.