Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Cheshunt?

Two types of professional can execute conveyancing in Cheshunt namely CLC regulated conveyancers or solicitors. The two can provide conveyancing services that you need to complete the sale or acquisition of property. Both are duty bound to execute Cheshunt conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be professionally carried out and that all requisite steps will be accurately followed.

I am assisting my sister sell her flat in Cheshunt. Does the solicitor order an energy performance certificate or should I organise this?

After the demise of HIPs, energy assessments was kept a required element of moving property. An energy performance certificate should be commissioned prior to the property being put on the market. It is not a task that law firms ordinarily organise. If you are using a Cheshunt conveyancing solicitor they might help arrange energy performance certificates due to their contacts with long established Cheshunt providers

I am being told by my solicitor that restrictive coveneant insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Cheshunt?

The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such policies.

I have been told that property searches are a common reason for hinderance in Cheshunt house deals. Is that correct?

The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Cheshunt.

How does conveyancing in Cheshunt differ for newly converted properties?

Most buyers of new build or newly converted property in Cheshunt come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Cheshunt tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Cheshunt or who has acted in the same development.

I have been on the look out for a ground for flat up to £245,000 and found one close by in Cheshunt I like with amenity areas and station nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Cheshunt suitable, so just wondered if I would be making a mistake buying a lease with such few years left?

If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.

I am a negotiator for a long established estate agency in Cheshunt where we see a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Cheshunt conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Leasehold Conveyancing in Cheshunt - Sample of Queries Prior to buying

How long is the Lease? It would be sensible to find out as much as possible about the company managing the building as they can either make your life much simpler or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily matters such as the upkeep of the communal areas. Ask prospective neighbours what they think of them. In conclusion, be sure you know the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds. The best form of lease arrangement is a share of the freehold. In this arrangement the tenants have being in charge if their destiny and although a managing agent is frequently employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.