My previous solicitor has sent a quote for £1700 for freehold conveyancing in Highgate. I am selling a modern property for £250,000. Are these estimated fees excessive? Is it above what I should be paying for conveyancing in Highgate?
The charges are a tad high. If you are content to expend time comparing prices you might shave off some of the cost by say a hundred pounds. On the other hand, you couldcome to rue opting for an a cheaper lawyer. Don't forget to check the conveyancer can represent your bank. Do employ our comparison tool to choose a Highgate conveyancing practice on the lender’s member panel which can often include conveyancing solicitors in Highgate.
I do hope you can assist me. My Highgate conveyancer is informing me me that she is duty bound toapply for Highgate conveyancing searches stemming from the fact thatthe firm are on the HSBCconveyancing panel. Is my conveyancer correct?
You have limited options available to you. Given that you are taking out a loan with a bank your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Highgate conveyancing searches.
I own a freehold property in Highgate but still pay rent, why is this and what is this?
It’s unusual for properties in Highgate and has limited impact for conveyancing in Highgate but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I can not work out if my bank requires a lease extension. I have called my Highgate bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Highgate conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
Provided that the solicitor is on the mortgage company approved list, they must comply with the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After much negotiation I have agreed a price on an apartment in Highgate. My financial adviser pressured me to appoint their lawyer. I paid an upfront payment of £225. Shortly after, the conveyancing practitioner called me sheepishly admitting that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
UBS have agreed my home loan in principle, my offer on a house in Highgate has been agreed to, now what?
The property agent will wish to know who your solicitors are (ensure that the conveyancers are on the lender’s panel). Telephone UBS or the financial adviser and finalise any appropriate paperwork. UBS will appoint a valuer who will get in touch with the estate agent or seller to book a slot for the valuation to take place. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. UBS will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Highgate.
A friend advised me that if I am purchasing in Highgate I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Highgate conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Highgate around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Highgate Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Highgate.
I am looking for a ground for flat up to £195,000 and identified one close by in Highgate I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Highgate in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.