We're in Hitchin, FTBs purchasing with a mortgage (lender is Yorkshire BS , and our lawyer is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are purchasing a property in Hitchin. I might seem paranoid but how we can trust a lawyer? At some point we will need to put our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously chose conveyancers locally in Hitchin on the Aldermore solicitor approved list. They are now charging me a separate fee for handling the Aldermore mortgage. Is this an additional conveyancing fee specified by Aldermore?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. The charge is not set by Aldermore but by your Hitchin conveyancer. Plenty of firms on the Aldermore panel will quote ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
I am expecting a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Hitchin solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hitchin solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Should my lawyer be making enquiries about flooding as part of the conveyancing in Hitchin.
Flooding is a growing risk for conveyancers carrying out conveyancing in Hitchin. There are those who purchase a house in Hitchin, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a various checks that can be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Hitchin. The conventional set of information given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to determine if the premises has suffered from flooding. If the residence has been flooded in past and is not notified by the vendor, then a purchaser could issue a legal claim for losses stemming from an inaccurate response. The purchaser’s conveyancers will also commission an environmental report. This will reveal if there is any known flood risk. If so, additional investigations will need to be conducted.
I'm buying my first flat in Hitchin with the aid of help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not reveal to my solicitor about this extras as it would adversely affect my mortgage with the lender. 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 need to retain a conveyancing solicitor for residential conveyancing in Hitchin. I happened to discover a web site which seems to have the perfect offering If it is possible to get all formalities done via phone that would be ideal. Should I be concerned? What should out be looking out for?
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 attracted to a two flats in Hitchin which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area.
I bought a garden flat in Hitchin, conveyancing having been completed in 1999. How much will my lease extension cost? Corresponding flats in Hitchin with over 90 years remaining are worth £211,000. The ground rent is £50 per annum. The lease terminates on 21st October 2093
With 68 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.