I plan on acquiring a leasehold flat in Highgate. My lawyer is not on the lender solicitor panel. Can I still retain my Highgate conveyancing solicitor notwithstanding that they are not on the mortgage company list of approved lawyers?
Various options include
- Complete the deal with your preferred Highgate property lawyer but your mortgage company will need to appoint a property lawyer from their approved list. The net result is additional fees together with likely interruption.
- Get a new lawyer to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Convince your lawyer to pull out all the stops to get accepted on the lender’s conveyancing panel
I am under pressure from the owner of a property in Highgate to exchange within four weeks. What can be done to hasten the conveyancing process?
Where you are under pressure for your conveyancing we would recommend that your conveyancer is familiar with the location as they will make use of local contacts and know-how. It is even conceivable that they would have handled previoushomes in the same neighbourhood. You would be best advised to use a Highgate conveyancing lawyer. In addition, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Highgate conveyancing transactions are suspended or derailed after discovering a buyer’s solicitor was not on their mortgage lender’s panel. This can often result in the transaction being delayed by an average of 21 days. It is understood that this issue impacts approximately 100,000 home moves every year. Many Highgate conveyancing firms can not act for certain mortgage companies so do check as early as possible.
I am buying a flat and require a conveyancing solicitor in Highgate who is on the Aldermore solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Aldermore in certain locations such as Highgate. We dont recommend any particular firm.
How does conveyancing in Highgate differ for newly converted properties?
Most buyers of new build or newly converted property in Highgate come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Highgate tend to acquire 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 conveyancers 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 have been on the look out for a ground for flat up to £305k and found one close by in Highgate I like with open areas and station nearby, the downside is that it's only got 52 years on the lease. There is not much else in Highgate in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I was pointed in your direction by a few estate agents in Highgate to get a quote from a conveyancer on your site. Is there a financial advantage for Estate Agents to offer your services over and above another?
We refuse to give any commission for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.