I am not well enough to travel far from Much Hadham. What is the rationale as to why all Much Hadham conveyancers aren't automatically on all lender panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or conveyancer’s perspective, the the contrary view is that mortgage companies are increasingly anxious and regard it vital to protect them against mortgage fraud. As a result of this concern banks are limiting their conveyancing panel to a size that they are happy to control.
Forgive me if this question is silly but I am wet behind the ears as a 1st time buyer of a two bedroom flat in Much Hadham. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will use a local conveyancing solicitor in Much Hadham?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you will be invited to collect the keys from the property Agents and move into your new home. This tends to happen early afternoon.
I am expecting a AIP from Aldermore 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 Aldermore recommend any Much Hadham solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Much Hadham solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I am due to exchange contracts on my flat. I had a double glazing fitted in November 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Co-operative are being difficult. The Much Hadham solicitor who is on the Co-operative conveyancing panel is saying indemnity insurance will be fine but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative 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.
What can a local search reveal regarding the property we're purchasing in Much Hadham?
Much Hadham conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Searches UK The local search is essential in every Much Hadham conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Much Hadham I like with amenity areas and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Much Hadham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Can you offer any advice when it comes to appointing a Much Hadham conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Much Hadham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Much Hadham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
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How familiar is the firm with lease extension legislation? Can they put you in touch with clients in Much Hadham who can give a testimonial?
I am the registered owner of a 1st floor flat in Much Hadham, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Much Hadham with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2080
With only 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
What is the difference between surveying and conveyancing in Much Hadham?
Conveyancing - in Much Hadham or elsewhere - is the legal term given to transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are intending to buy and will help you discover the condition of the building and, if there are problems, give you a powerful reason for reducing the price down or asking the seller to fix the problems before you move in.