I am selling my apartment in Cambourne and the EA has just telephoned to say that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Cambourne ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
Forgive me if this question is silly but I am unseasoned as a first time buyer of a garden flat in Cambourne. Do I receive the keys to the property on the completion date from my lawyer? If so, I will find a local conveyancing solicitor in Cambourne?
On the day of completion you do not need to go to the conveyancers office in Cambourne. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you should be called to receive the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
A colleague advised me that in purchasing a property in Cambourne there could be various 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 Cambourne which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Cambourne should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Santander, do Cambourne property lawyers have to pay a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have justbecome aware that Stirling Law have closed. They carried out my conveyancing in Cambourne for a purchase of a leasehold flat 9 months ago. How can I check that my home is in my name in the name of the previous owner?
The quickest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cambourne conveyancing specialists.
I'm purchasing my first flat in Cambourne with a mortgage from Norwich and Peterborough Building Society. The developers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not to tell my lawyer about this deal as it may affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Am I better off to instruct a Cambourne conveyancing lawyer based in the area that I am purchasing? An old friend can conduct the legal work however they are based 400miles away.
The primary upside of using a local Cambourne conveyancing practice is that you can attend the office to sign documents, hand in your ID and pester them if necessary. Having local Cambourne know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that should outweigh using an unfamiliar Cambourne conveyancing lawyer just because they are round the corner.
Having had my offer accepted I require leasehold conveyancing in Cambourne. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all are in Cambourne - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a 1st floor flat in Cambourne, conveyancing was carried out 7 years ago. How much will my lease extension cost? Corresponding flats in Cambourne with an extended lease are worth £206,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2091
You have 66 years unexpired we estimate the price of your lease extension to span between £12,400 and £14,200 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.