I am progressing with the sale of my ground floor flat in Holborn and the EA has just telephoned to say that the buyers are appointing a new conveyancer. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a major lender only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Holborn ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lenders justify this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
Can the conveyancing lawyers listed on your site handle conveyancing in Holborn by way of an attended exchange?
We do have a number of conveyancing experts who can conduct one day exchanges. Please e-mail us to receive a conveyancing quote and details as to dates.
I am considering applying for a Kent Reliance mortgage for purchase of a new build (under development) in Holborn with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Will our conveyancer be raising questions regarding flooding as part of the conveyancing in Holborn.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Holborn. Plenty of people will acquire a property in Holborn, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous searches that can be initiated by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Holborn. The standard information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to discover if the premises has suffered from flooding. If the property has been flooded in past which is not revealed by the vendor, then a purchaser could issue a claim for damages as a result of such an inaccurate reply. A buyer’s lawyers may also commission an environmental report. This will indicate if there is a recorded flood risk. If so, additional investigations should be conducted.
I'm remortgaging my existing home to a BTL mortgage with Leeds Building Society and I will use the ballance of the raised equity as a deposit on further property. The neighborhood we are talking about is Holborn. Will your lawyers be able to act for the two lenders and tie in the transactions?
Do use our search tool on this page to ensure that the solicitors are approved by both lenders. Having checked that they are the conveyancer should be able to tie up the two transactions but you should talk with you solicitor and specify your desired outcome and requirements.
I need to instruct a conveyancing solicitor for freehold conveyancing in Holborn. I happened to chance upon a site which appears to be the perfect answer If there is a chance to get all the legals completed via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?