I am nearing exchange of contracts for my maisonette in Highgate and the EA has just text me to advise that the buyers are swapping property lawyer. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Highgate ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
we are a couple who intend to purchase a newbuild apartment in Highgate with a residential mortgage from Chelsea Building Society.We would like to retain our Highgate conveyancing lawyer but Chelsea Building Society says he's not on their approved list of member firms. It seems we are left with little choice but to instruct a Chelsea Building Society panel lawyer or retain our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Chelsea Building Society use our lawyer?
No, not really. The loan offered to you is subject to its various provisions, a common one being that lawyers must be on the Chelsea Building Society solicitor panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Chelsea Building Society
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a residence in Highgate?
Unless a prior acquisition of the property completed after 12 October 2013 you can expect conveyancing practitioners handling conveyancing in Highgate to remain recommending a chancel search and or insurance against a claim.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Highgate is where the house is located. Can you shed any light on this issue?
Flying freeholds in Highgate are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Highgate you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Highgate may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My husband and I are new to the buying process - had an offer accepted, but the agent told us that the seller will only issue a contract if we instruct their chosen conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local conveyancer who is accustomed to conveyancing in Highgate
It is highly unlikely the sellers are behind this. Should the owner require ‘a quick sale', alienating a genuine purchaser is not the way to achieve this. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Highgate conveyancing solicitors - rather thanthose that will earn their negotiator at the agency a kickback or meet his conveyancing figures set by corporate headquarters.
As a tenant I am on the hook for a maintenance contribution for my property in Highgate. Due to losing my job and personal issues I fell behind with payments. I negotiated a payment plan but there remains about £3000 currently outstanding.
I want to sell and I am nervous that this will hold me back if I have to pay off the amount due now. Do I have to settle before - is this practicable?
Your property lawyer will hopefully be able to negotiate with the appropriate parties, with a new to seeing if they would accept payment from sale proceeds. This is an example of why it might be good to appoint a conveyancing practitioner in Highgate as they are likely to enjoy an established relationship with the parties.