Am I correct in assuming that the fact that my conveyancer in Hertfordshire is not listed on my bank's solicitor panel that there is a problem with the standard of his conveyancing?
That would most likely be a wrong assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Hertfordshire conveyancing firm and ask them why they are no longer on the approved list for your lender.
The vendors of the home we are purchasing are using a conveyancing solicitor in Hertfordshire who has recommended a preliminary agreement with a down payment 10k. Is it wise to enter into such agreements?
There are two primary drawbacks with executing a lock out contract (also referred to as a shut-out contract) is that it can distract from progressing with the conveyancing work, so unless it requires limited or no negotiation then it could transpire to be unhelpful. It is not strongly advocated amongst Hertfordshire conveyancing practitioners for this reason. A further concern is the extent of the remedies available - a jilted buyer is not likely to obtain an injunctive ruling by a court to stop the owner completing the sale to another buyer, so the only remedy available under the contract will be the reimbursement of abortive charges and, in rare circumstances, the extra payment of damages.
Just had an offer accepted on a new build apartment in Hertfordshire. Conveyancing is daunting 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 few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Hertfordshire
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. 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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I have been on the look out for a ground for flat up to £305k and identified one close by in Hertfordshire I like with open areas and transport links in the vicinity, however it only has 61 years on the lease. There is not much else in Hertfordshire in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
For various reasons I cannot travel my Hertfordshire conveyancing lawyers office to sign documents for conveyancing in Hertfordshire – will this be problematic?
No. Hertfordshire conveyancing solicitors can conduct home moves for clients wider afield. You are unlikely to be required to meet your lawyer in the flesh at a Hertfordshire conveyancers office. Almost all conveyancer can undertake everything via phone, post and email - whatever works for you.