I am not well enough to travel far from Holborn. I would like to know the understand why all Holborn property lawyers aren't automatically on all mortgage company panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in banks and building societies culling less reputable firms from their books of approved property lawyers .
It is 10 years ago since I purchased my home in Holborn. Conveyancing solicitors have just been retained on the sale but I am unable to track down the title documents. Will this cause complications?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by your lender or they could stored with the solicitor who acted in the purchase. Secondly the likelihood is that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Most conveyancing in Holborn involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
Our mortgage company has suggested a law firm on their panel based in Holborn but I would rather choose a conveyancing lawyer in Holborn or nearer to where I live. Can you assist?
Not all Holborn conveyancing practices are approved and listed on all lender’s conveyancing panel. Please make use of the above find an approved solicitor tool to identify a Holborn conveyancing solicitor on the on the lender panel.
I just acquired a house at auction in Holborn. Conveyancing is needed. What are my next steps?
Having for all intents and purposes signed on the dotted line you will need to hire the services of a conveyancing solicitor as a matter of urgency as you are faced with a pending deadline in which to complete the property. All auction property should have a corresponding legal pack. This will likely include most,if not all of the paperwork that your conveyancer will need. Where you are dealing with leasehold premises the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds organised to complete on the date specified in the contract.
When it comes to lenders such as Clydesdale, do Holborn conveyancers face an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We have a mortgage agreed in principle with Santander. Holborn conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander done the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It has been 4 months following my purchase conveyancing in Holborn took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Holborn is the location of the property. Can you offer any assistance?
Flying freeholds in Holborn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Holborn you would need to get your solicitor to go 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 ascertain 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 property.