My Upper Holloway solicitor has discovered a discrepancy between the assumptions in the valuation report and what is in the legal papers for the property. My solicitor informs me that he is obliged to check that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s stance right?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am selling my house in Upper Holloway. Will the lawyer have to be required to be on the Barclays conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
How does conveyancing in Upper Holloway differ for new build properties?
Most buyers of new build premises in Upper Holloway approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because developers in Upper Holloway tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Upper Holloway or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Upper Holloway is where the house is located. Is there any advice you can give?
Flying freeholds in Upper Holloway are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Upper Holloway you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Upper Holloway may decide 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 need to retain a conveyancing solicitor for leasehold conveyancing in Upper Holloway. I've chance upon a web site which looks to be the perfect offering If there is a chance to get all this stuff done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?