The High Holborn conveyancing firm handling our High Holborn conveyancing has spotted an inconsistency when comparing the assumptions in the valuation survey and what is in the conveyancing documents. My solicitor informs me that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My friend recommended that if I am purchasing in High Holborn I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard High Holborn conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about High Holborn around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about High Holborn.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. High Holborn is where the house is located. Can you shed any light on this issue?
Flying freeholds in High Holborn are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside High Holborn you would need to get your solicitor to go through the deeds very carefully. 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 residence.
My father-in-law has suggested that I appoint his conveyancing solicitors in High Holborn. Do I follow his guidance?
No doubt the ideal way to choose a conveyancing solicitor is to get recommendations from friends or family who have previously instructed the firm that you are considering.
I inherited a ground-floor 1960’s flat in High Holborn. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Lease Extension matter before the tribunal for a High Holborn flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term as at the valuation date was 66.8 years.
When it comes to leasehold conveyancing in High Holborn what are the most common lease problems?
There is nothing unique about leasehold conveyancing in High Holborn. All leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain elements of the building
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Leeds Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Developers have put forward a property lawyer and I've sought a quote from them. They are nearly £250 cheaper than my local High Holborn solicitor. What's the catch?
Builders often have lists of lawyers who expedite matters and who know the builder's paperwork and conveyancing practitioner. Plenty of developers offer an incentive to select a preferred conveyancer for this reason, any increased cost can be avoided and a developer will not suggest a conveyancing factory and run the risk of having the transaction stall when they need an exchange within a tight time frame. A counter-argument for not agreeing to use the suggested conveyancer is that they may prove reluctant to fight for your interests for fear of alienating the housebuilder. Where you have concerns that this may be the case you should remain with your local High Holborn lawyer.