Much to our surprise we have been advised by our IFA that my High Holborn property lawyer is not on the mortgage company Solicitor panel. What can I do to be sure if this is correct?
The first thing you need to do is to call your High Holborn conveyancer. You lawyer should inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
Our grandson is about to exchange on a newly built flat in High Holborn with a home loan from Leeds Building Society. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I just bought a flat at auction in High Holborn. Conveyancing is needed. What is next?
Having legally committed yourself to purchase you must hire the services of a conveyancing practitioner quickly as you now have a tight a fixed date to complete the deal. All auction property should have an associated auction set of papers. This will likely include evidence of title and search results. In the case of leasehold property the auction papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You must give this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
I am the only recipient of my late grandmother’s will with all property in now in my sole name, including the house in High Holborn. The High Holborn property was put into my name in August. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my property ownership could be considered the same way as though I had purchased the property in August. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Most lenders would take a practical view as this provision primarily exists to identify subsales or the flipping of properties.
The formalities of my purchase has taken place for my property in High Holborn. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Will our conveyancer be raising enquiries concerning flooding during the conveyancing in High Holborn.
Flooding is a growing risk for lawyers specialising in conveyancing in High Holborn. Plenty of people will purchase a house in High Holborn, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a number of searches that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in High Holborn. The standard information supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to discover whether the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer may bring a legal claim for losses as a result of such an inaccurate response. The buyer’s lawyers may also carry out an enviro search. This should disclose if there is a recorded flood risk. If so, further investigations will need to be initiated.
How does conveyancing in High Holborn differ for new build properties?
Most buyers of new build property in High Holborn approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in High Holborn tend to buy 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 conveyancing solicitors 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 used to new build conveyancing in High Holborn or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. High Holborn is where the house is located. Can you offer any advice?
Flying freeholds in High Holborn are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in High Holborn you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in High Holborn may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.