Unfortunately I am unable to travel far from Holborn. Can you please clarify why all Holborn lawyers aren't automatically on all lender panels?
Even though it may seem unfair for lenders to limit who can act for them, from the public’s or lawyer’s viewpoint, the other side of the coin is that lending institutions are becoming ever more anxious and regard it crucial to protect them against mortgage fraud. As a consequence of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a manageable size.
It is is a decade since I acquired my property in Holborn. Conveyancing lawyers have now been appointed on the sale but I can't track down the deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be retained by the mortgage company or they may be in the possession of the lawyers who oversaw your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. The vast majority of conveyancing in Holborn relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
My 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 help?
It is by no means the case that all Holborn conveyancing practices are listed all lender’s conveyancing panel. Please make the most of the above search tool to locate a Holborn conveyancing solicitor on the on the mortgage company panel.
I just bought a flat at auction in Holborn. Conveyancing is necessary. What are my next steps?
Now that you have exchanged you should choose a conveyancing practitioner as a matter of priority as you are faced with a pending a drop dead date to complete the conveyancing. An auction property will have a bespoke auction set of papers. This will include evidence of title and search results. Where you are dealing with leasehold property the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You must pass this on to the conveyancer working for you at the earliest opportunity. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
When it comes to lenders such as Virgin Money, do Holborn property lawyers have to pay a fee to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Last month we had a mortgage agreed in principle with Virgin Money. Holborn conveyancing solicitors have been chosen. How long does it take for Virgin Money to issue the offer to the solicitor?
Some lenders take longer than others. Have Virgin Money completed the survey? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
3 months have elapsed following my purchase conveyancing in Holborn completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Holborn is the location of the property. What do you suggest?
Flying freeholds in Holborn are rare 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 diligently. Your bank 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 premises.