We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel lawyer as I would much rather instruct a specialised conveyancing solicitor in Chorleywood?
You should check but the the probability is that allocate you one of their panel lawyers if you want the "fee-free" deal. Speak to the mortgage company and explore if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Chorleywood.
A friend informed me that in purchasing a property in Chorleywood there could be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Chorleywood which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Chorleywood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is there a list of Lloyds panel solicitors in Chorleywood on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. Very few lenders make their panel listings available online. If you are seeking to appoint a Chorleywood property lawyer on the Lloyds please make the most of our tool.
We have a mortgage agreed in principle with Co-operative. Chorleywood conveyancing solicitors have been selected. What is the average time that one could expect to receive a mortgage offer from Co-operative?
Some lenders take longer than others. Have Co-operative conducted the survey? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My friend recommended that if I am purchasing in Chorleywood I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Chorleywood conveyancing searches. It is a large report of more than thirty pages, listing and setting out significant information about Chorleywood around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Chorleywood.
How does conveyancing in Chorleywood differ for new build properties?
Most buyers of new build premises in Chorleywood come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Chorleywood tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Chorleywood or who has acted in the same development.
I need to instruct a conveyancing solicitor for freehold conveyancing in Chorleywood. I've chance upon a web site which looks to be the perfect answer If it is possible to get all the legals completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am tempted by the attractive purchase price for a couple of flats in Chorleywood both have about forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Chorleywood is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chorleywood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Chorleywood conveyancing firm to help?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension decision for a Chorleywood residence is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The unexpired lease term was 71 years.