Can you clarify what the consequences are if my lawyer’s firm is removed from the UBS Conveyancing panel ahead of completing my conveyancing in Cheshunt?

The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

Me and my partner are purchasing a apartment in Cheshunt. I might seem paranoid but how we can trust a lawyer? At some point we will need to deposit funds into their account. What protection do we have from them run away with our deposit?

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.

I have paid off my mortgage with Yorkshire BS. I assume I don't need a Cheshunt conveyancing practitioner on the Yorkshire BS panel to remove the mortgage at the Land Registry. Please confirm.

If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:

1. but are not moving to another property
2. where Yorkshire BS has sent the Land Registry the discharge electronically, and
3. Yorkshire BS has instructed the Land Registry to do so

Our sealed bid on a semi in Cheshunt has been agreed to, the vendors do nevertheless have a tied purchase. The vendors have put an offer on a flat, but it’s not yet agreed to, and are looking at other flats in the pipeline. I have instructed a local conveyancing solicitor in Cheshunt. What should be my next step? When do I get the mortgage application with Nationwide started?

It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Cheshunt conveyancing search charges, etc). The first thing to do is ensure that your solicitor is on the Nationwide conveyancing panel. As to the next stages this very much depends on the uniqueness of your case, motivation for the property and on the state of the market. During a hot market many purchasers will apply for a home loan with Nationwide and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to move forward with searches.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Cheshunt?

Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Cheshunt. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I am purchasing my first flat in Cheshunt with a mortgage from Leeds Building Society. The builders refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my conveyancer about this extras as it would adversely affect my mortgage with Leeds Building Society. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder 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 am tempted by the attractive purchase price for a couple of flats in Cheshunt which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Cheshunt is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Cheshunt 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Cheshunt Conveyancing for Leasehold Flats - Sample of Queries before buying

What is the length of the lease? It is important to be aware whether redecorating or some other significant cost is coming up that will be shared amongst the leaseholders and could well dramatically impact the level of the service costs or result in a one time payment. The best form of lease arrangement is a share of the freehold. In this situation the lessees enjoy control and although a managing agent is usually employed where the building is larger than a house conversion, the managing agent is directed by the tenants.