Unfortunately I am unable to travel far from Highgate. Can you please spell out why all Highgate lawyers aren't automatically on all lender panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or solicitor’s standpoint, the the contrary view is that lending institutions are becoming ever more anxious and feel it vital to defend themselves against mortgage fraud. As a result of this concern banks have restricted their panel of approved conveyancing lawyers to a manageable size.
Can you explain why leasehold purchase conveyancing in Highgate is more expensive?
Highgate leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to use a Highgate based conveyancing firm?
Do check but the the probability is that appoint one of their panel lawyers should you want the "fee-free" offer. Speak to the bank and ask if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Highgate.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who conducted the conveyancing in Highgate 10 years ago have long since closed. What are my options?
Assuming the title is registered the information relating to your proprietorship will be held by the Land Registry under a Title Number. It is possible to carry out a search at the Land Registry, identify your property and secure current copies of the property title for a small fee. If the property is Leasehold then the Land Registry will also normally hold a file duplicate of the Registered Lease and again, a copy can be ordered for twenty pounds.
I'm refinancing my existing house to a buy to let loan with Accord Mortgages Ltd and intend to use the remaining equity as a deposit on a second property. The area we are talking about is Highgate. Will your solicitors be able to act for both sets of lenders and link together the two deals?
Do use our comparison tool on this page to ensure that the conveyancers are on the relevant lender panels. Having checked that they are the solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and make clear your desired outcome and requirements.
I am attracted to a two apartments in Highgate both have in the region of 50 years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Highgate is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Highgate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Highgate. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the premium.
An example of a Lease Extension case for a Highgate property 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 was in relation to 1 flat. The unexpired term as at the valuation date was 67.85 years.