My husband and I are acquiring a newly constructed apartment in Cheshunt and my solicitor is advising me that she is duty bound to the mortgage company to reveal incentives from the seller. I am nearing the developer’s deadline to exchange and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Should lawyers request an advanced payment when it comes to conveyancing in Cheshunt?
Where you are retaining lawyers for conveyancing in Cheshunt your solicitor will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the purchase price then this should be required shortly prior to contracts are exchanged. Any further balance that is needed should be transferred a couple of days prior to the completion date.
My wife and I are buying a flat in Cheshunt. I might seem paranoid but how we can trust a solicitor? On completion day we have to send money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
What is your number one tip for finding a conveyancing solicitor in Cheshunt
We would encourage you not to go for the lowest Cheshunt conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
We expect to receive a OIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Cheshunt solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Cheshunt solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
Are there restrictive covenants that are commonly identified as part of conveyancing in Cheshunt?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Cheshunt. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Am I best advised to instruct a Cheshunt conveyancing lawyer who is local to the property I am purchasing? We have a good friend who can conduct the legal formalities however her office is 200kilometers away.
The benefit of a high street Cheshunt conveyancing practice is that you can pop in to sign documents, deliver your identification documents and pester them if necessary. They will also have local insight which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were content that should trump using an unfamiliar Cheshunt conveyancing lawyer solely due to them being local.
What makes a Cheshunt lease unacceptable for security purposes?
Leasehold conveyancing in Cheshunt is not unique. All leases are drafted differently and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the premises
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I bought a 1 bedroom flat in Cheshunt, conveyancing formalities finalised 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Cheshunt with a long lease are worth £191,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2078
With just 53 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.