Our St Pancras conveyancer has uncovered a discrepancy between the surveyor’s assumptions in the valuation report and what is revealed within the title deeds. My lawyer says that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions 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.
As I am unsure how the conveyancing bit works what is the most important piece of guidance you can impart about purchase conveyancing in St Pancras?
Not many law firms shout this from the rooftops but conveyancing in St Pancras and elsewhere in North London is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for conflict between you and others involved in the house moving process. E.g., the seller, estate agent and on occasion the lender. Selecting a law firm for your conveyancing in St Pancras should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the legal process whose responsibility is to look after your legal interests and to protect you.
Sometimes a third party with a vested interest will try and convince you that it is in your interests to do things their way. For example, the selling agent may claim to be assisting by suggesting your lawyer is dragging his heels. Or your financial adviser may try to convince you to do take action that is contrary to your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Can you clarify what the consequences are if my solicitor is suspended from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in St Pancras?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have recentlybecome aware that Arc property Solicitors have closed. They conducted my conveyancing in St Pancras for a purchase of a leasehold flat 18 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of St Pancras conveyancing specialists.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. St Pancras is the location of the property. Is there any guidance you can impart?
Flying freeholds in St Pancras are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Pancras 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 St Pancras 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 premises.