Our Highgate lawyer has discovered an inconsistency when comparing the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
The Highgate conveyancing solicitors that just started acting on my house acquisition in Highgate have suddenly shut down. I only went with them because I had to have a solicitor on the Principality conveyancing panel and my preferred Highgate lawyer was not. I issued them a cheque for £250 in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
Various online forums that I have visited warn that are the primary reason for delay in Highgate house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Highgate.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Highgate I like with a park and transport links nearby, however it only has 52 years on the lease. There is not much else in Highgate for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I am looking into buying my first house which is 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 own a leasehold flat in Highgate. Conveyancing and Nationwide Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Highgate who previously acted has long since retired. What should I do?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Highgate conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have had difficulty in trying to purchase the freehold in Highgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the amount due.
An example of a Lease Extension matter before the tribunal 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 unexpired lease term was 67.85 years.