I am acquiring a property without a mortgage in Stevenage. I have resided for the last 20 years in Stevenage. Conveyancing searches are expensive. As I know the area and road intimately must I have all the conveyancing searches?
In the absence of a mortgage, then all but one or two of the Stevenage conveyancing searches are at your discretion. Your conveyancer will 'advise', no-doubt strongly, that you should have searches carried out, but she is duty bound to take that path of guidance. One thing to take into account; if you are likely to sell the house at a future date, it could be of interest to your future purchaser what the searches determine. There are plenty of instances where houses with functional issues can still show up detrimental search results. A good conveyancing solicitor in Stevenage will be able to give you some constructive advice in this regard.
I am buying a terraced house in Stevenage. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Stevenage you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Stevenage.
A colleague advised me that in buying a property in Stevenage 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 a number of properties in Stevenage which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Stevenage should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as Virgin Money, do Stevenage property lawyers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I have a mortgage with TSB for my property in Stevenage. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
TSB must be informed of your intention prior to renting your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel firm.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Stevenage. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Stevenage
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Am I right to be concerned that estate agents that I am dealing with are encouraging me to use an internet conveyancing firm rather than a High Street Stevenage conveyancing company?
As with lots of professional services, often suggestions from relatives can be worth their weight in gold. Yet there are many parties with a vested interest in a conveyancing matter; estate agents, financial adviser and banks may put forward lawyers to appoint. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there may be a commercial relationship behind the endorsement. You have the right to choose your preferred conveyancer. However, bear in mind that most lenders have an approved list of conveyancers you have to use for the mortgage related work in your transaction.
Back In 2006, I bought a leasehold house in Stevenage. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Stevenage who previously acted has now retired. Any advice?
First contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Stevenage conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Stevenage - Sample of Queries before Purchasing
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The majority of Stevenage leasehold flats will incur a service charge for maintenance of the building set by the freeholder. Where you acquire the property you will have to meet this liability, usually periodically throughout the year. This may differ from a few hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge to be met annual, this is usually not a exorbitant sum, say around £25-£75 but you need to enquire it because sometimes it could be many hundreds of pounds. Is there a share of the freehold? What is the name of the managing agents?