Is it realistic for conveyancing in Highgate to be done inside 3 weeks?
In a situation where the seller is applying time constraints to sign contracts we would recommend that your conveyancer is familiar with the area as they will have local relationships and knowledge. It is even conceivable that they may have handled otherhouses in the same street. Therefore consider using a Highgate conveyancing lawyer. Second, be sure that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that 18% of Highgate conveyancing deals are frustrated or derailed after discovering a buyer’s lawyer was not on their mortgage lender’s panel. This can often result in the conveyancing being delayed by almost 21 days. It is claimed that this issue affects in the region of 100,000 home moves annually. Many Highgate conveyancing practices can not act for certain mortgage companies so do check as early as possible.
A relative advised me that where I am purchasing in Highgate I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Highgate conveyancing searches. It is not a small document of about 40 pages, listing and detailing 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 House Prices, Crime statistics, Highgate Education with plans and statistics, Local Amenities and other useful data about Highgate.
I have been on the look out for a ground for flat up to £245,000 and identified one near me in Highgate I like with amenity areas and station in the vicinity, however it only has 51 years unexpired 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 purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I'm refinancing my existing house to a buy to let loan with Britannia and intend to use the remaining equity as a down payment on a second property. The neighborhood we are talking about is Highgate. Will your solicitors be able to act for the two lenders and tie in the transactions?
Make use of our search tool on this site to check that the conveyancers are on the relevant lender panels. Assuming that they are your conveyancer will be able to tie up the two transactions but you should talk with you solicitor and make clear your expectations and needs.
Can you provide any advice for leasehold conveyancing in Highgate with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Highgate can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers. Some Highgate leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. The majority of freeholders or Management Companies in Highgate charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Highgate. You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
My wife and I have hit a brick wall in seeking a lease extension in Highgate. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the amount due.
An example of a Lease Extension decision for a Highgate residence 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 was 67.85 years.
What is the reason for my lawyer requiring various items of identification before I can proceed with selling or purchasing a property in Highgate?
Highgate property lawyers are duty bound by the Law Society, Solicitors Regulation Authority, HMLR and current AML legislation to record that the have verified the identity of their clients. It will also be a condition of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, national insurance number and DOB.