The High Holborn conveyancing firm that I recently instructed on my house acquisition in High Holborn have suddenly closed. I chose them because I had to have a lawyer on the UBS conveyancing panel and my previous High Holborn lawyer was not. I paid them £170 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
I am the single recipient of my late grandmother’s will and I have everything in my name now, including the house in High Holborn. Conveyancing formalities meant that the Land Registry date was in November. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be regarded the same way as if I'd bought the house in November. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How practical a view lenders take of it, depend on the lender as this provision primarily exists to pick up on subsales or the flipping of property.
When it comes to mortgage companies such as Aldermore, do High Holborn solicitors incur a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Bank of Ireland have agreed my home loan in principle, my bid on a flat in High Holborn has been agreed to, now what?
The property agent will wish to be advised as to your solicitor's details (be sure the solicitors are on the bank’s panel). Contact Bank of Ireland or the financial adviser and complete any relevant paperwork. Bank of Ireland will appoint a valuer who will get in touch with the selling agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Bank of Ireland will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in High Holborn.
Just had an offer accepted on a new build flat in High Holborn. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in High Holborn
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants.
I am looking for a leasehold apartment up to £245,000 and identified one close by in High Holborn I like with amenity areas and station in the vicinity, however it only has 51 years on the lease. I can't really find anything else in High Holborn suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I'm refinancing my existing property to a buy to let loan with Virgin Money and intend to use the remaining equity as a deposit on another house. The location we are talking about is High Holborn. Will your solicitors be able to act for both sets of banks and link together the transactions?
Make use of our comparison tool on this page to ensure that the conveyancers are on the relevant lender panels. Assuming that they are your lawyer should be able to tie up the two transactions but you should talk with you solicitor and make apparent your desired outcome and requirements.
My husband and I are new to the buying process - had an offer accepted, yet the selling agent advised that the owners will only move forward if we appoint their chosen conveyancers as they want a ‘quick sale’. We would rather use a family conveyancer with experience of conveyancing in High Holborn
It is unlikely the owners are behind this. Should the seller want ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Try to communicate with the vendors directly and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to use your preferred High Holborn conveyancing solicitors - not the ones that will provide the estate agent a kickback or achieve conveyancing figures demanded by HQ.