My fiance and I are intent on buying a ground floor flat in Cheshunt. My property lawyer has never been on on the bank conveyancing list. Can I still use my Cheshunt conveyancing solicitor even though they are not on the mortgage company approved list?
Various options include
- Proceed with your existing Cheshunt property lawyer but your bank will no doubt use a solicitor on their conveyancing panel. This will result in additional cost together with probable frustration.
- Get a new lawyer to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Appeal to your lawyer to apply to join the lender panel
My wife and I swapping mortgage lender for our maisonette in Cheshunt with Coventry BS. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
A relative pointed out to me me that in buying a property in Cheshunt there could be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
There are anumerous of properties in Cheshunt which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Cheshunt should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all Cheshunt Conveyancing Quality Solicitors on the Coventry BS conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Cheshunt bank branch on various occasions and was reassured it wasn't an issue and they would lend. My Cheshunt conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their published requirements. Who do I believe?
As long as the conveyancer is on the mortgage company panel, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I require expedited conveyancing in Cheshunt as I am faced with an ultimatum to sign on the dotted line inside one month. Thankfully I do not need a mortgage. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not taking a mortgage you have the choice not to do searches although no solicitor would advise that you don't. With plenty of history conveyancing in Cheshunt the following are examples of issues that can crop up and adversely affect the marketability of the property: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...
I am purchasing a new build house in Cheshunt benefiting from help to buy. The builders would not move on the amount so I negotiated 6k of extras instead. The estate agent told me not reveal to my lawyer about this extras as it will put at risk my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey carried out on a property in Cheshunt in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some lenders tend not give a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cheshunt. Conveyancing will be smoother if you use a solicitor in Cheshunt especially if they are familiar with such properties in Cheshunt.