My partner and I are nearing an exchange on a property in Cheshunt and my mum and dad have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has not arrived from me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your property lawyer is duty bound to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am purchasing a new build flat in Cheshunt. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Cheshunt you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Cheshunt.
When it comes to mortgage companies such as Coventry BS, do Cheshunt conveyancing practitioners face a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Is there a list of Coventry BS panel conveyancers in Cheshunt on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings available on the web. Where you are seeking to appoint a Cheshunt conveyancing practitioner on the Coventry BS please use our facility.
We expect to receive a DIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Cheshunt solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Cheshunt solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
What does commercial conveyancing in Cheshunt cover?
Non domestic conveyancing in Cheshunt covers a wide array of services, supplied by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My partner has urged me to use his conveyancers in Cheshunt. Should I find my own property lawyer?
No doubt it’s preferable to choose a conveyancing practitioner is to get recommendations from friends or relatives who have actually used the solicitor that you are contemplating using.
I own a leasehold flat in Cheshunt. Conveyancing was finalised in 21012. I have read on numerous advice forums that I mustn’t allow the lease length fall too low. Why is that a problem?
Cheshunt leasehold properties are for a prescribed period - usually just under one hundred years when they commenced. However many appartments in Cheshunt were constructed or converted in the 60’s and so these leases now have fewer than eighty years unexpired. This may sound like a long time but Banks, Building Societies and other mortgage lenders tend to require leases to have at least 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching seventy five years. To optimize your property value you should be thinking about whether to extend your lease long before you come to sell it. Please note that there are significant benefits to doing so before the lease reaches even 80 years as when the lease falls below eighty years the premium you have to pay to extend starts to get a lot more expensive.