We're in City Of London, First timers purchasing with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are buying a property in City Of London. I might seem paranoid but how we can trust a conveyancer? At some point we will need to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in City Of London?
Two types of professional can perform conveyancing in City Of London namely licenced conveyancers or solicitors. Both professionals administer conveyancing services that you need to complete the sale or purchase of property. They are both duty bound to carry out City Of London conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be professionally conducted and that the requisite steps should be accurately adhered to.
My partner and I have organised a further advance on our home loan from HSBC as we wish to carry out improvements to our house in City Of London. Are we obliged to appoint a local City Of London solicitor on the HSBC conveyancing panel to deal with the legals?
HSBC would not normally appoint a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
Despite weeks of looking the Title Certificate and documents to our house are lost. The solicitors who did the conveyancing in City Of London 4 years ago have long since closed. What are my next steps?
You no longer need to hold title deeds to prove you are the registered proprietor of land or premises, as the Land Registry have everything they need in a digital format.
How does conveyancing in City Of London differ for new build properties?
Most buyers of new build or newly converted property in City Of London come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in City Of London tend to buy 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 property lawyers 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 City Of London or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. City Of London is where the house is located. Can you shed any light on this issue?
Flying freeholds in City Of London are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside City Of London you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in City Of London 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.