I plan on buying a leasehold flat in King's Cross. My Solicitor is not on the mortgage company solicitor list. Am I still permitted to use my King's Cross conveyancing solicitor notwithstanding that they are not on the mortgage company panel?
You will need to appoint a property lawyer to deal with the legal work required when you take out a mortgage to buy your home. The lawyer will conduct all the essential due diligence on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. One can select a King's Cross solicitor of your choice. However, if the property lawyer selected is not a member of the bank approved list further charges will arise as separate legal representation will be required by them. Bank panel applications may be submitted, so provided your lawyer has not in the past sought membership they should take the opportunity to apply.
We see that you have a search directory identifying firms on the HSBC conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in King's Cross?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in King's Cross.
I got the keys to my apartment on 13 June and my personal details is not yet registered. Should I be concerned? My conveyancing solicitor in King's Cross advises it will be recorded in less than a month. Are properties in King's Cross uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in King's Cross registration formalities. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether it is in order and whether the Land registry need to notify any 3rd persons or bodies. At present roughly 80% of such applications are fully addressed within two weeks but occasionally there can be extensive hold-ups. Historically registration is effected once the buyer is living at the premises therefore an expedited registration is not always primary concern yet if there is a degree of urgency associated with the registration then you or your conveyancer could speak with the land registry and explain the circumstances.
How does conveyancing in King's Cross differ for new build properties?
Most buyers of new build property in King's Cross contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in King's Cross tend to buy the site, 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 King's Cross or who has acted in the same development.
I opted to have a survey done on a property in King's Cross before instructing solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies will not grant a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in King's Cross. Conveyancing will be smoother if you use a solicitor in King's Cross especially if they regularly deal with such properties in King's Cross.