I am getting a mortgage with Lloyds. I would like to use a Licensed Conveyancer in Cheshunt. Does the Lloyds Conveyancing panel allow for Licensed Conveyancers?

The Lloyds conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.

Our grandson is buying a newly built flat in Cheshunt with a home loan from Principality. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?

The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

I am the registered owner of a freehold property in Cheshunt yet invoiced for rent, why is this and what is this?

It is rare for properties in Cheshunt and has limited impact for conveyancing in Cheshunt but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.

Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.

Do I need to be wary about estate agents that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Cheshunt conveyancing firm?

As is the case with many service providers, often input from connections can be worth their weight in gold. Yet there are lots of players in a conveyancing matter; estate agents, mortgage brokers and banks may put forward solicitors to appoint. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the discretion to appoint your own conveyancer. However, bear in mind that most mortgage providers have an approved list of law firms you have to use for the lender related work in your conveyancing.

I am tempted by the attractive purchase price for a couple of flats in Cheshunt both have about fifty years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena.

Cheshunt Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

What prohibitions are contained in the Cheshunt Lease? The best form of lease structure is a share of the freehold. In this arrangement the lessees have control and although a managing agent is usually retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. If a Cheshunt lease has less than eighty years it will affect the value of the apartment. Check with your bank that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will be required to have been the owner of the premises for two years in order to be legally able to extend the lease.