I am nearing exchange of contracts for my flat in Hoddesdon and the EA has just e-mailed to say that the buyers are switching law firm. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to select for their conveyancing in Hoddesdon ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
I have given 8 weeks notice to my existing landlord and must leave my let out property in Hoddesdon by the end of next month. Conveyancing for my house purchase is underway. Is it possible to complete in three weeks as I wish to avoid having to find temporary accommodation?
The normal practice is not to serve notice on a rental until you have exchanged. If you have not already done so, notify to your conveyancer and request that they seek the assistance the owners side, try to a target completion date that everyone will work towards
My Conveyancer in Hoddesdon is not on the Godiva Mortgages Ltd Solicitor Panel. Can I still use my prefered solicitor notwithstanding that they are not on the Godiva Mortgages Ltd panel?
The limited options available to you here include:
- Carry on with your preferred Hoddesdon lawyers but Godiva Mortgages Ltd will need to instruct a lawyer on their list of acceptable firms. This will inevitably rack up the overall legal fees and cause frustration.
- Choose a new practitioner to to deal with the purchase, not forgetting to check they are Godiva Mortgages Ltd approved.
- Persuade your Godiva Mortgages Ltd based solicitor to attempt to join the Godiva Mortgages Ltd panel
What is the difference between a licensed conveyancer and conveyancing solicitor in Hoddesdon
There are two types of lawyers who can conduct conveyancing in Hoddesdon namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that required to complete the sale or purchase of property. Both are required to carry out Hoddesdon conveyancing on similar standards and guidelines so you can be sure that your conveyancing will be professionally carried out and that the requirements and procedures should be suitably attended to.
I just bought a house at auction in Hoddesdon. Conveyancing is needed. What are my next steps?
Given that you are now to all intents and purposes signed on the dotted line you should retain a conveyancing practitioner as a matter of urgency as you will have a fast approaching a drop dead date to complete the transaction. An auction property will have an associated auction set of papers. This will likely include most,if not all of the documents that your lawyer requires. Where you are dealing with leasehold premises the legal papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are organised to complete the transaction on the set completion date.
I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Hoddesdon. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship will be considered the same way as if I'd bought the house in April. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. Most banks would take a pragmatic view as this clause principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
Just had an offer accepted on a new build flat in Hoddesdon. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Hoddesdon
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I am looking for a leasehold apartment up to £235,500 and found one near me in Hoddesdon I like with amenity areas and station nearby, however it's only got 52 years on the lease. There is not much else in Hoddesdon for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.