My wife and I are purchasing a newly built duplex in Bishops Stortford and my conveyancer is informing me that she is duty bound to the bank to reveal incentives from the seller. I am on a tight deadline to sign contracts and I don't want to delay the conveyancing. 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 mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am buying a new build flat in Bishops Stortford. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Bishops Stortford you will have to appoint a solicitor on your bank'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 Bishops Stortford.
There are a variety of conveyancing solicitors in Bishops Stortford but how do I know who I should use?
Do not opt for the lowest Bishops Stortford conveyancing quote. 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 ahead of time.
We previously chose solicitors located in Bishops Stortford on the HSBC solicitor panel. They are now charging me a separate fee for handling the HSBC mortgage. Is this a supplemental conveyancing fee specified by HSBC?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your conveyancer is entitled to levy a fee for this. The fee is not set by HSBC but by your Bishops Stortford solicitor. Some firms on the HSBC panel will levy an ‘acting for lender’ fee but some practices include it on their overall fee.
My offer on a semi in Bishops Stortford has been accepted, but there is a chain. The owners have offered on a property, but it’s not yet tied up, and are looking at other properties booked. I have selected a high street conveyancing solicitor in Bishops Stortford. What should be my next step? When do I get the mortgage application with Skipton started?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of one thousand pounds, then survey, Bishops Stortford conveyancing search costs, etc). First, you should ensure that your conveyancer is on the Skipton conveyancing panel. Regarding the next steps this very much depends on the uniqueness of your case, desire for this property and on the state of the market. During a buoyant market the majority of home buyers will apply for a home loan with Skipton and pay for the valuation and only if it comes back ok would they ask their conveyancer to move forward with searches.
We are buying a property and the conveyancer has raised the issue of Chancel Repair to which the property could be liable given it’s proximity to the area of such a church. She has recommended insurance. Is this really warranted for conveyancing in Bishops Stortford
Unless a prior acquisition of the premises completed post 12 October 2013 you may take it that solicitors carrying out conveyancing in Bishops Stortford to remain recommending a chancel search and or chancel repair liability insurance.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Bishops Stortford is the location of the property. Can you offer any opinion?
Flying freeholds in Bishops Stortford are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bishops Stortford you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bishops Stortford may decide 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 property.
Do you have any top tips for leasehold conveyancing in Bishops Stortford from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bishops Stortford can be avoided where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ representatives. You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Bishops Stortford state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such works. Where you dont have the approvals to hand do not communicate with the landlord without contacting your conveyancer before hand. If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unresolved.
Leasehold Conveyancing in Bishops Stortford - Examples of Questions you should ask before Purchasing
-
How many of the leaseholders are in arrears for their service charge payments? Where a Bishops Stortford lease has fewer than 80 years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this will be. For most Bishops Stortfordlease extensions you will be be obliged to have owned the property for two years in order to be legally able to exercise a lease extension.