My partner and I are purchasing a newly constructed apartment in Histon and my conveyancer is telling me that she has to the mortgage company to disclose incentives from the builder. I am under pressure to exchange and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
As a novice what is the most important piece of guidance you can give me about purchase conveyancing in Histon?
Not many law firms shout this from the rooftops but conveyancing in Histon and elsewhere in England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is lots of room for friction between you and others involved in the legal transfer of property. E.g., the vendor, estate agent and sometimes your lender. Choosing a lawyer for your conveyancing in Histon is a critical decision as your conveyancer is your adviser, and is the SOLE party in the process whose interest is to protect your legal interests and to keep you safe.
On occasion a third party with a vested interest will attempt to convince you that it is in your interests to do things their way. For example, the selling agent may claim to be assisting by suggesting your lawyer is dragging his heels. Or your financial adviser may try to convince you to do take action that is against your lawyers advice. You should always trust your lawyer above all other parties in the conveyancing process.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would much rather appoint a Histon based conveyancing firm?
Do check but the chances are that appoint one of their panel lawyers if you accept the "fee-free" offer. Call the bank to see if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Histon.
I am assisting my aunt sell her property in Histon. Will the conveyancer arrange the energy assessment or it is for me to coordinate?
After the abolition of Home Information Packs, energy assessments remained a compulsory part of moving house. An energy assessment must be commissioned before the property is put on the market. It is not something that law firms normally arrange. If you are instructing a Histon conveyancing solicitor they might help arrange energy performance certificates due to their contacts with reputable local accredited person
Is it the case that all Histon CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing list of approved practices?
Some major lenders now use the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I have decided to exercise my right to buy my property in Histon off the council. I have a mortgage agreed with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I am tempted by the attractive purchase price for a two flats in Histon which have approximately forty five years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Histon is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Histon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Histon Leasehold Conveyancing - A selection of Queries Prior to Purchasing
-
The majority of Histon leasehold apartments will have a service charge for maintenance of the block invoiced by the management company. Where you acquire the apartment you will have to meet this liability, normally in instalments accross the year. This may differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge to be met yearly, this is usually not a exorbitant amount, say about £50-£100 but you should to enquire it because occasionally it can be surprisingly expensive. The answer will be important as a) areas could result in problems in the building as the communal areas may start to deteriorate where repairs remain unpaid b) if the tenants have an issue with the managing agents you will wish to know about it Generally speaking the outlay for major works tend not to be built into the service charges, although some managing agents in Histon obliged tenants to pay into a reserve fund and this is used to offset against larger works.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.