My partner and I are hoping to acquire a property in Hertford and are in fact using a Hertford conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nottingham Building Society have this evening contacted us to advise us that there is now an issue as our Hertford solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Hertford lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Do banks and building societies provide you with an approved list of Hertford conveyancing solicitors? How do you know who is on the Principality conveyancing panel?
Hertford conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
I am the single beneficiary of my late mum's estate with all property in now in my sole name, including the house in Hertford. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my property ownership could be considered the same way as if I'd bought the house in December. Will no one buy the property for half a year?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view banks take of it, depend on the mortgage company as this clause is chiefly there to identify the purchase and immediately sell or the flipping of property.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Hertford building society branch on various occasions and was reassured it wasn't a problem and they would lend. My Hertford conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their specific requirements. I have no idea who is right.
Your conveyancing practitioner must comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After weeks of negotiation I have agreed a price on a house in Hertford. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. Shortly after, the property lawyer called me embarrassingly acknowledging that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Hertford is where the house is located. Can you offer any opinion?
Flying freeholds in Hertford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hertford you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hertford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Hertford and how can your lawyers assist?
The 1954 Act gives security of tenure to business tenants, granting the dueness to apply to court for a renewal tenancy and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and handle your commercial conveyancing in Hertford
My partner has suggested that I instruct his lawyers for conveyancing in Hertford. Should I choose my own property lawyer?
There are no two ways about it it’s preferable to find a conveyancing practitioner is to get referrals from friends or family who have previously instructed the solicitor that you are considering.