I can't travel far from Chesham. What is the rationale as to why all Chesham property lawyers aren't automatically on all mortgage company panels?
As inequitable as it may seem for banks to restrict who can represent them, from the public’s or solicitor’s point of view, the other side of the coin is that mortgage companies are increasingly anxious and regard it crucial to defend themselves from illegal activities. As a consequence of this concern mortgage companies have consolidated their conveyancing panel to a size that they are happy to control.
I just acquired a flat at auction in Chesham. Conveyancing is required. What happens now?
Given that you are now for in every practical sense signed on the dotted line you must find a conveyancing solicitor soon as you are faced with a tight deadline in which to complete the conveyancing. An auction property should have an associated auction pack. This should include evidence of title and search results. Where you are dealing with leasehold premises the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You should pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
I am being advised by my conveyancer that restrictive coveneant insurance is required on my purchase. What is the level of cover for Chesham conveyancing?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
I am due to exchange contracts on my apartment. I had a double glazing fitted in November 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, HSBC are being problematic. The Chesham solicitor who is on the HSBC conveyancing panel is happy to accept ‘lack of building regulation’ insurance but HSBC are insisting on a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been told that property searches are a common cause of obstruction in Chesham conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Chesham.
Just had an offer accepted on a new build apartment in Chesham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Chesham
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There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I opted to have a survey done on a house in Chesham ahead of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some banks will refuse to issue a mortgage on such a property.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Chesham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chesham to see if the conveyancing costs will increase in light of this.
I have just had an offer accepted on a leasehold flat in Chesham and the estate agent that we are dealing with suggested his solicitor. They quoted a thousand pounds plus VAT and 3rd party costs. Does this sound steep?
You should not rely on one estimate. One should seek like-for-like quotes for your conveyancing in Chesham. Then pick one that you trust and just as important, is on the approved panel of the mortgage company that you are sourcing your mortgage from.