Why is leasehold purchase conveyancing in Cambridge costs more?
Cambridge leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Is it correct that all Cambridge CQS (Conveyancing Quality Scheme) solicitors are on the UBS conveyancing panel?
Some major banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
We had appointed conveyancing lawyers based in Cambridge on the Clydesdale solicitor panel. They are now charging me a further fee for dealing with the Clydesdale mortgage. Is this a supplemental conveyancing fee specified by Clydesdale?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your property lawyer can levy a fee for this. This fee is not dictated by Clydesdale but by your Cambridge property lawyer. Plenty of firms on the Clydesdale panel will quote ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
I was told four weeks ago that my mortgage has been agreed to by RBS. Is it usual for RBS to only issue the offer once my solicitor in Cambridge is approved on their conveyancing panel? RBS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for RBS to deal with your lawyer's application to be on the RBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been told that property searches are a common cause of delay in Cambridge conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Cambridge.
Are there restrictive covenants that are commonly identified during conveyancing in Cambridge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Cambridge. 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 buying my first flat in Cambridge with a loan from Barclays . The developers would not move on the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my conveyancer about the extras as it would impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Cambridge. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Cambridge ?
The majority of houses in Cambridge are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing 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. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.
Cambridge Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
-
Where a Cambridge lease has less than eighty years it will have adverse implications on the value of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. For most Cambridgelease extensions you would be be obliged to have been the owner of the property for 24 months before you are entitled to exercise a lease extension. This information is important as a) areas can result in problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have a dispute with the running of the building you will wish to have all the details How much is the yearly service fee and ground rent?