My husband and I are looking to acquire a house in Holywell and are in fact using a Holywell conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. HSBC Bank have this afternoon contacted us to advise us that they have now hit a problem as our Holywell lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also act for 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 Accreditation Scheme. Your solicitor 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 and you may continue to use your own Holywell solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Do the conveyancing lawyers listed on your site conduct attended exchange conveyancing in Holywell?
We do have a number of conveyancing experts carrying out attended exchanges. Do contact us to receive a fee calculation and details as to availability.
As someone clueless as to conveyancing in Holywell what’s your top tip you can give me for the legal transfer of property in Holywell
Not many law firms or advisers will tell you this but conveyancing in Holywell and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and others involved in the legal transfer of property. For instance, the vendor, selling agent and sometimes the mortgage company. Selecting a lawyer for your conveyancing in Holywell should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose role it is to look after your legal interests and to protect you.
Every so often a third party with a vested interest may attempt to persuade you that it is in your interests to do things their way. For instance, the property agent may claim to be helping by suggesting your solicitor is dragging his heels. Or your mortgage broker may try to convince you to do take action that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
three months have elapsed since my purchase conveyancing in Holywell took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 issue on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. Holywell is where the house is located. Can you offer any guidance?
Flying freeholds in Holywell are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Holywell you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Holywell 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 residence.
I am employed by a reputable estate agency in Holywell where we see a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Holywell conveyancing firms. Could you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Holywell - A selection of Questions you should ask before Purchasing
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Be sure to discover if there is anything that is prohibited in the lease. By way of example it is reasonably common in Holywell leases that pets are not allowed in certain buildings in Holywell. If you like the flatin Holywell however your dog can’t live with you then you will be presented with a difficult compromise. Is the freehold reversion owned collectively by the tenants? Does the lease contain onerous restrictions?