I have just been advised by my broker that my Hoxton solicitor is not on the bank Solicitor panel. What can I do to be certain that this is indeed the case?
The first thing you need to do is to call your Hoxton conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they may recommend you to a Hoxton conveyancing firm that is on the approved list of lawyers for your mortgage company.
We are getting closer to an exchange on a property in Hoxton and my parents have transferred the 10% deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancer is obliged to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
It has been three months since my purchase conveyancing in Hoxton took place. I have checked the Land Registry website which shows that I paid £175,000 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 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.
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 simple, no chain conveyancing. Hoxton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Hoxton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hoxton 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 Hoxton may determine 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.
The mortgage broker has suggested using their lawyer for my conveyancing in Hoxton - won’t it be better to just use them?
It is not always the case and you are free to instruct whichever conveyancer you decide for your Hoxton conveyancing. A solicitor recommended by a 3rd party adviser may not always be the best property lawyer, they may recommend their preferred conveyancing firm who are based remotely. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.