The property market in Hatfield is heating up. What can be done to quicken up the buying process?
In the event that the seller is applying time constraints to exchange we would recommend that your conveyancer is familiar with the area as they will have local connections and insight. It is possible that they may have handled otherhomes in the same street. You would be best advised to use a Hatfield conveyancing solicitor. Second, make sure that the conveyancing firm is on the lender panel. It is claimed that nearly one in five of Hatfield conveyancing transactions are held up or jeopardised after discovering a purchaser’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the legal process being frustrated by as much as 21 days. It is said that this issue affects in the region of one hundred thousand home moves annually. Almost all Hatfield conveyancing practices can not represent certain banks so do check at the outset.
Why do I have to pay up front for my conveyancing in Hatfield?
If you are buying a property in Hatfield your solicitor will request that you place them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this will be required shortly before exchange of contracts. The closing balance that is due should be transferred a couple of days prior to the completion date.
Are all Hatfield Conveyancing Quality Solicitors on the Clydesdale conveyancing panel?
A selection of lenders now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I had a mortgage agreed in principle with TSB. Hatfield conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from TSB?
Some lenders take longer than others. Have TSB done the valuation? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am selling my flat. I had a double glazing fitted in October 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Bank of Ireland are being problematic. The Hatfield solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland 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.
My wife and I own a semi-detached Victorian property in Hatfield. Conveyancing lawyer represented me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the matching property. Is it worth asking Virgin Money to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hatfield and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with the conveyancing lawyer who conducted the purchase.
I am looking for a conveyancing lawyer in Hatfield for my remortgage. Is there any facility to check a solicitor's record with the profession’s regulator?
You can find documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The SRA sometimes monitor call for training purposes.
I own a leasehold flat in Hatfield. Conveyancing was finalised in 2010. I have heard that I should not let the lease length get too low. What is the reasoning?
Hatfield leasehold properties are for a prescribed period - normally 99 years when they commenced. However many flats in Hatfield were constructed or converted 25 or more years ago and so these leases now have less than 80 years left to run. That may seem like a long time but Banks, Building Societies and other mortgage institutions generally require leases to have at least seventy five years left to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To optimize the marketability of your property you should be considering whether to extend your lease long before you come to sell it. You should note that there are advantages to taking action before the lease reaches even eighty years as when the lease is less than eighty years the amount to be paid to extend starts to increase.