My fiance and I are planning to buy a property in Holloway and are in fact using a Holloway conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Virgin Money have this evening contacted us to inform me that they have now hit a problem as our Holloway lawyer is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. 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 lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Holloway lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are due to exchange on the purchase of a property in Holloway but as a result of wreckage from a small fire at the property I have managed to agree recompense from the owner of £3k in the form of a reduction in the price. This was going to be dealt with as part of a side agreement but Santander will not agree to this. Should they have been involved?
Any conveyancing practitioner that is on a Santander approved list is required to disclose to Santander of any amendments to the sale price. If you were to refuse your lawyer to report the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancer for your conveyancing in Holloway.
I am purchasing a garden flat in Holloway. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Holloway you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Holloway.
I moved into my house on 3 March and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Holloway expressed confidence that it should be registered inside ten days. Are properties in Holloway particularly slow to register?
As far as conveyancing in Holloway is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether it is in order and whether the Land registry communicate with any third persons or bodies. As of today approximately three quarters of submission are completed within two weeks but occasionally there can be extensive delays. Historically registration is effected once the purchaser is living at the property so an expedited registration is not typically an essential issue but where it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
I am buying my first flat in Holloway with a mortgage from Virgin Money. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not inform my lawyer about the deal as it may jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How can the Landlord & Tenant Act 1954 affect my business offices in Holloway and how can you help?
The 1954 Act gives a safeguard to business leaseholders, giving them the dueness to make a request to court for a renewal lease and continue in occupation at the end of an expired lease. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and handle your commercial conveyancing in Holloway