My friend's uncle is a conveyancing practitioner. I suspect that I'll be able to get mate’s rates for conveyancing, but if not, what kind of figure would I typically be looking at for conveyancing in Cambourne?
It’s prudent to obtain 3 or more like-for-like conveyancing quotes. Do use our comparison tool on this site. You will notice that charges do vary but the service one can expect differ between conveyancers as is true with the vast majority of professional services.
I purchased a freehold property in Cambourne but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Cambourne and has limited impact for conveyancing in Cambourne 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh 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 extinguished.
I am thinking of refinancing my property in Cambourne, does my lawyer need to be on the HSBC Solicitor panel?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
How does conveyancing in Cambourne differ for new build properties?
Most buyers of new build or newly converted property in Cambourne approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Cambourne typically 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 used to new build conveyancing in Cambourne or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Cambourne I like with open areas and transport links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Cambourne suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could 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 solicitor concerning this.
I am a negotiator for a long established estate agent office in Cambourne where we see a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local Cambourne conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
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 buyer.
Cambourne Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
For many Cambourne leaseholds the cost for major works are not included within maintenance charges, albeit that there some managing agents in Cambourne obliged tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance. Is anyone aware of any major works in the planning that could increase the service fees? Make sure you find out if there are any onerous prohibitions in the lease. For example some leases prohibit pets being allowed in certain buildings in Cambourne. If you love the propertyin Cambourne but your cat is not allowed to make the move with you then you have a very hard determination.