I am nearing exchange of contracts for my house in Hertford and the EA has just e-mailed to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Hertford ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
I got the keys to my house on 12 June and the transaction details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Hertford expressed confidence that it would be formalised inside ten days. Are transfers in Hertford uniquely lengthy to register?
As far as conveyancing in Hertford registration is no faster or slower than the rest of the country. Rather than based on location, timescales can vary according to the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd persons or bodies. Currently in the region of 80% of such applications are fully addressed within two weeks but some can be subject to longer hold-ups. Historically registration is effected once the buyer has moved in to the property thus an expedited registration is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor must speak with the land registry and explain the circumstances.
I opted to have a survey completed on a property in Hertford prior to instructing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders will not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hertford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hertford to see if the conveyancing will be more expensive.
Am I right to be suspicious by estate agents that I am dealing with are suggesting an online conveyancing firm as opposed to a local Hertford conveyancing practice?
As with many service providers, often recommendations from family and friends can be extremely useful or valuable. But there are lots of players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all put forward conveyancers to instruct. On occasion the conveyancers might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the right to choose your preferred conveyancer. However, bear in mind that some lenders operate an approved list of conveyancers you are obliged to use for the mortgage aspect of your house move.
I am a couple of weeks into a freehold purchase having been directed to conveyancers by the estate agent to do our conveyancing in Hertford. I am am very dissatisfied with the level of service. Could you help me find new solicitors?
They would need to be very poor to suggest changing them. Has the mortgage been generated? If so you must inform them of the replacement lawyer and ensure the mortgage documents are re-issued. The conveyancer needs to be on the lenders panel to avoid escalating fees and delays. That should be your first question of the new conveyancers. Our search tool should help you find a bank approved solicitor for your home move in Hertford
I am attracted to a two apartments in Hertford which have in the region of fifty years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Hertford is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and lenders, leases with under 75 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 residence 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 Hertford 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Leasehold Conveyancing in Hertford - Sample of Queries before buying
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The answer will be useful as a) areas can result in problems in the building as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to have all the details Are there any major works in the planning that will likely add a premium to the service fees? The best form of lease structure is if the freehold interest is owned by the leaseholders. In this situation the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is usually retained where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.