Unfortunately I am unable to travel far from Holborn. Please explain the reason why all Holborn solicitors aren't automatically on all mortgage company panels?
Before the recession most mortgage companies had an attitude to risk which is different than today. The financial regulator in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancers on your panel. Accordingly, banks have subsequently looked to extract more data from law firms about their operations and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of volume of transactions the mortgage companies set.
Having sold my house in Holborn last March but our buyer keeps telephoning every few hours to say her lawyer needs to hear from mylawyer. What are the post completion sale legalities now that I have sold?
After completion of your disposal your solicitor is obliged to forward the transfer documentation and all additional paperwork to the purchaser's lawyers. Where appropriate, your lawyer must also evidence that the legal charge in favour of the lender has been redeemed to the purchasers solicitors. There is unlikely to be post completion procedures peculiar conveyancing in Holborn.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather appoint a Holborn based conveyancing firm?
Do check but the the likelihood is that give you one of their panel solicitors where you accept the "fee-free" incentive. Contact the lender to determine if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in 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 was supposed to be a simple, chain free conveyancing. Holborn is where the house is located. What do you suggest?
Flying freeholds in Holborn are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Holborn you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in 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.
I am employed by a long established estate agent office in Holborn where we have experienced a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local Holborn conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Holborn conveyancing firm to help?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the premium.
An example of a Lease Extension case for a Holborn property 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.
Me and my husband accepted an offer on a Holborn ground floor flat we inherited some years ago in 2010. I have over a decades worth of conveyancing know-how and, although retired, intend to carry out my own legal work. The purchaser's conveyancing practitioner has informed me that their bank will not allow us to do our own conveyancing mandating that the funds to be transferred to a solicitor's bank account.
Lending instructions to property lawyers from all mainstream lenders state that If the vendor does not have legal representation the borrower's lawyers should check whether the bank needs to be told so that a decision can be reached if they are willing to proceed.