My husband and I are looking to buy a flat in Holloway and have instructed a Holloway conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Birmingham Midshires have this evening contacted us to inform me that they have now hit a problem as our Holloway solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Holloway lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My uncle passed away last year and as sole heir and executor I was left the house in Holloway. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
Where you plan to refinance then Nationwide will require that you use a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
We had appointed conveyancers with offices in Holloway on the Virgin Money solicitor approved list. They have just billed me an additional sum for dealing with the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your lawyer can levy a fee for this. This charge is not set by Virgin Money but by your Holloway solicitor. Some firms on the Virgin Money panel will levy an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
Last month we had a mortgage agreed in principle with Nottingham. Holloway conveyancing practitioners have been instructed. How long does it take for Nottingham to issue the offer to the conveyancer?
There is no definitive answer here. Have Nottingham completed the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Holloway bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Holloway conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their published requirements. Who do I believe?
The conveyancer has to comply with the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Are there restrictive covenants that are commonly picked up during conveyancing in Holloway?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Holloway. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I need to appoint a conveyancing solicitor for sale conveyancing in Holloway. I have discover a web site which appears to be the ideal solution If it is possible to get all the legals completed via web that would be ideal. Do I need to 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?
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Holloway. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Holloway are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Holloway in which case you should be looking for a Holloway conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.