We are nearing an exchange on a flat in Cambridge and my mum and dad have transferred the exchange deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would much rather use a high street conveyancing solicitor in Cambridge?
You should check but the chances are that allocate you one of their panel lawyers where you want the "fee-free" deal. Contact the lender and explore if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Cambridge.
How does conveyancing in Cambridge differ for new build properties?
Most buyers of new build property in Cambridge contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Cambridge typically purchase the real estate, 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 Cambridge or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, no chain conveyancing. Cambridge is the location of the property. Is there any guidance you can impart?
Flying freeholds in Cambridge are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cambridge you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cambridge may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In what way can the Landlord & Tenant Act 1954 affect my business property in Cambridge and how can you help?
The 1954 Act affords a safeguard to commercial lessees, giving them the dueness to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Cambridge is one of our many locations in which the firms we work with are located
I've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Cambridge. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Cambridge are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Cambridge in which case you should be shopping around for a Cambridge conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
Leasehold Conveyancing in Cambridge - Sample of Questions you should consider Prior to Purchasing
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What is the service charge and ground rent on the flat? This information is important as a) areas could cause problems in the building as the common areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have full disclosure How long is the Lease?