My partner and I are looking to buy a flat in Muswell Hill and are in fact using a Muswell Hill conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Platform Home Loans Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Muswell Hill solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Muswell Hill solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when buying a property in Muswell Hill?
Unless a prior acquisition of the house took place post 12 October 2013 you could take it that conveyancing practitioners conducting conveyancing in Muswell Hill to continue to suggest a chancel search and or chancel repair liability insurance.
How does conveyancing in Muswell Hill differ for new build properties?
Most buyers of new build property in Muswell Hill approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because developers in Muswell Hill usually purchase 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 property lawyers 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 accustomed to new build conveyancing in Muswell Hill or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Muswell Hill I like with open areas and station nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Muswell Hill suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I am downsizing from my property. My former lawyers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Muswell Hill if that affects matters.
Please use our search tool to help you choose a solicitor for your conveyancing in Muswell Hill. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
We are considering choosing an online solicitor rather than a Muswell Hill conveyancing practice. Any advice?
Various benefits exist in having the option attend a local Muswell Hill conveyancing solicitor such as
- signing papers on short notice
- often being able to speak to someone face-to-face can make a significant difference, particularly for more complex house moves
- the ability to raise concerns if matters are not going as expected
When comparing quotes, look carefully for hidden extras. Most decent Muswell Hill high street solicitors give an all-inclusive price. Many online companies seem to offer cheap prices, but have burried 'extras' in the small print.