The sellers of the property we are hoping to buy have instructed a conveyancing firm in Highbury who has suggested a exclusivity contract with a deposit two thousand pounds. Are such agreements sensible?
There are a couple of main downsides with entering into any lock out contract (sometimes referred to as an exclusivity agreement) is that it can distract from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it could turn out to be a cause of frustration and delay. It is not strongly advocated by Highbury conveyancing lawyers for this reason. A supplemental issue is the extent of the remedies available - a jilted purchaser is very unlikely to win an injunctive ruling by a court to stop the owner completing the sale to another buyer, so the only remedy available under the contract will be the recovery of abortive charges and, in rare situations, the extra payment of damages.
Is there a reason why leasehold purchase conveyancing in Highbury costs more?
In summary, leasehold conveyancing in Highbury and elsewhere usually necessitates extra hours of investigation compared to freehold conveyancing. This includes reviewing the lease, communicating with the landlord concerning serving appropriate notices, securing current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My aunt passed away last year and as sole heir and executor I was left the property in Highbury. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this allowed?
If you intend to refinance then Aldermore will insist on your using a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
We are getting the release of further monies on our mortgage from Coventry BS as we want to conduct a loft conversion to our home in Highbury. Are we obliged to select a nearby Highbury solicitor on the Coventry BS conveyancing panel to deal with the legals?
Coventry BS don't usually require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS conveyancing panel.
Last month we had a mortgage agreed in principle with Clydesdale. Highbury conveyancing solicitors were appointed. How long does it take for Clydesdale to send the offer to the solicitor?
Some lenders take longer than others. Have Clydesdale done the valuation? Have you informed Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Our offer on a property in Highbury has been agreed to, but there is a chain. The sellers have offered on a flat, however it’s not been accepted yet, and are looking at other flats booked. I have instructed a high street conveyancing solicitor in Highbury. What should be my next step? At what point should I apply for the mortgage with Leeds Building Society?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then valuation, Highbury conveyancing search fees, etc). First, you should ensure that your conveyancer is on the Leeds Building Society approved list. As to the next stages this very much dictated by the uniqueness of your transaction, attraction to the property and on the state of the market. In a buoyant market many home buyers will apply for the mortgage with Leeds Building Society and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to press on with the conveyancing in Highbury.
I have justbeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Highbury for a purchase of a leasehold flat 12 months ago. How can I establish that my home is in my name in the name of the previous owner?
The easiest way to check if the property is in your name, you can make 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 Highbury conveyancing specialists.
Builders have suggested I use a solicitor and I've sought a quote from them. It's almost two hundred pounds less expensive than my family Highbury solicitor. What's the catch?
Developers frequently have panels of property lawyers who expedite matters and who know the builder's documentation and property lawyer. Plenty of developers offer an incentive to choose a preferred lawyer for this reason, any increased charges can be avoided and a builder will not suggest a conveyancing factory and run the risk of having the conveyancing stall when they demand an exchange within a tight time frame. A counter-argument for not opting for the recommended property lawyer is that they may be hesitant to fight for your interests for fear of alienating the housebuilder. Where you have concerns that this may be the situation you should keep with your high street Highbury conveyancing practitioner.