The sellers of the property we are hoping to buy are using a conveyancing solicitor in Highgate who has suggested a preliminary agreement with a deposit of 5k. Are such agreements sensible?
This form of contract is unusual in Highgate, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Furthermore, there is no certainty that just because the proprietor has signed an exclusivity agreement they will sell to you. They may breach the contract if they are offered sufficient offer to do so because an aggrieved claimant with the benefit of a lockoutcontract will still have to show losses as a consequence of the breach and this may not equate the extra amount that your vendor may obtain by breaching the contract, however morally unworthy the behaviour is.
Why do I have to pay up front for conveyancing in Highgate?
Where you are retaining lawyers for conveyancing in Highgate your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this will be asked for immediately ahead of contracts are exchanged. The final balance that is due should be sent to your lawyer a few days ahead of the day of completion.
How does conveyancing in Highgate differ for newly converted properties?
Most buyers of new build premises in Highgate come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Highgate tend to purchase the land, 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 Highgate or who has acted in the same development.
I am looking for a flat up to £235,500 and found one round the corner in Highgate I like with open areas and station nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Highgate for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
Hoping to buy a property located in Highgate and I am already nervous. I couldn't find anything specific about Highgate. Conveyancing will be needed in due course but do you know about the Highgate area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Highgate. In the meantime here are some basic statistics that we found
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Highgate. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Highgate ?
Most houses in Highgate are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Highgate in which case you should be looking for a Highgate conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.
I am the leaseholder of a second floor flat in Highgate. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Most definitely. We can put you in touch with a Highgate conveyancing firm who can help.
An example of a Lease Extension case for a Highgate premises is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case affected 1 flat. The remaining number of years on the lease was 67.85 years.