I am due to exchange on the purchase of a property in Highbury but as a result of damage from a small fire at the property I have managed to agree recompense from the seller of six thousand pounds in the form of a reduction in the price. This was going to be addressed as part of a side agreement however TSB are not allowing this. Why were they involved?
The property lawyer that is on the TSB approved list is duty bound to advise TSB of any amendments to the purchase price. If you were to refuse your lawyer to disclose the price change to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new conveyancer for your conveyancing in Highbury.
Why do I have to pay up front when it comes to conveyancing in Highbury?
If you are buying a property in Highbury your solicitor will request that you place them with funds to cover the search fees. Normally this is asked for to cover the fees of the Local Authority Search. If any deposit is payable against the total price then this will be asked for shortly ahead of exchange of contracts. The closing balance that is needed should be sent to your lawyer a few days ahead of the completion date.
I have been told that property searches are the main cause of hinderance in Highbury house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Highbury.
How does conveyancing in Highbury differ for new build properties?
Most buyers of new build premises in Highbury contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Highbury tend to purchase the real estate, 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 used to new build conveyancing in Highbury or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Highbury in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some lenders will not give a mortgage on such a home.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Highbury. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Highbury cover?
Commercial conveyancing in Highbury covers a broad array of services, provided by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.