I am selling my flat in Highgate and the estate agent has just telephoned to say that the purchasers are changing their property lawyer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. Why would a leading lender only work with certain solicitors rather the firm that they want to select for their conveyancing in Highgate ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
Forgive me if this question is silly but I am new to the house moving as a 1st time buyer of a two bedroom flat in Highgate. Do I receive the keys to the property on completion from my solicitor? If this is the case, I will appoint a High Street conveyancing solicitor in Highgate?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you should be able to receive the keys from the selling Agents and move into your new home. Usually this happens between 1 and 3pm.
I am the sole recipient of my late mum's estate and I have everything in my name now, including the my former home in Highgate. The Highgate property was put into my name in December. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be treated the same way as if I'd bought the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this obligation primarily exists to capture the purchase and immediately sell or the wholesaling and assigning of properties.
Bank of Ireland have agreed my home loan in principle, my offer on a house in Highgate has been agreed to, what are the next steps?
Your estate agent will want to be advised as to your conveyancing practitioner's details (ensure that the solicitors are on the lender’s panel). Call up Bank of Ireland or the broker and complete any outstanding paperwork. Bank of Ireland will appoint a valuer who will get in contact with the estate agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Bank of Ireland will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Highgate.
The estate agent has sent us the confirmation of our purchase of a new build flat in Highgate. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Highgate
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Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan.
Is it possible to swap firm as I have to choose a firm on the Norwich and Peterborough Building Society conveyancing panel. I hired a high street conveyancing solicitor in Highgate five minutes from me but the firm is not accepted by Norwich and Peterborough Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Highgate on the Norwich and Peterborough Building Society panel. Please note that the law firms that we work with do not pay us commission if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Highgate. In making use of search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Highgate.
My brother has urged me to use his lawyers for conveyancing in Highgate. Do I take his guidance?
Much as we are happy to recommend a Highgate conveyancing lawyer it’s preferable to select a conveyancing practitioner is to have recommendations from friends or relatives who have used the firm that you are considering.
After what seems like an age a mortgage agreement from a bank for the refinancing of my 2 bedroom flat is to be issued imminently. Can you suggest an efficient remortgage conveyancing lawyer in Highgate ?
You are on the wrong site if you are in need of a cheap conveyancing in Highgate. Our aim is to provide value for money conveyancing but our intention is not to work with the cheapest lawyers. Resist the temptation to appoint companies offering low cost conveyancing in Highgate.At best, in opting for cheap conveyancing, you will end up with what you pay for and at worst you will end up being stung for extras and still not receive the service required.