It has come to my attention via my lender that my Cambridgeshire property lawyer is not on the mortgage company Solicitor panel. How can I be sure that this is correct?
You need to call your Cambridgeshire lawyer directly. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they may recommend you to a Cambridgeshire conveyancing firm that is on the conveyancing panel for your lender.
My conveyancer has identified a a legal deficiency with the lease for the flat we are buying in Cambridgeshire. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the bank is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
We are buying a end of terrace house in Cambridgeshire. The intention is to carry out an extension to the side at the property.Will legal work on the property involve enquiries to see if these works are allowed?
Your property lawyer will check the registered title as conveyancing in Cambridgeshire will occasionally reveal restrictions in the title deeds which prohibit categories of alterations or necessitated the permission of another owner. Certain works need local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these things with a surveyor before you commit yourself to a purchase.
We were going to get a AIP from Barclays this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Cambridgeshire solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Cambridgeshire solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
Our offer on a house in Cambridgeshire has been accepted, but there is a chain. The owners have placed an offer on somewhere, but it’s not been accepted yet, and have viewings of other properties booked. I have instructed a local conveyancing solicitor in Cambridgeshire. What should be my next step? At what point do I apply for the mortgage with Aldermore?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Cambridgeshire conveyancing search charges, etc). First, you should ensure that your conveyancer is on the Aldermore conveyancing panel. Regarding the next stages this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. During a buoyant market many home buyers would apply for the mortgage with Aldermore and pay for the valuation and only if it was satisfactory would they request their solicitor to move forward with searches.
I am looking for a ground for flat up to £195,000 and identified one close by in Cambridgeshire I like with amenity areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Cambridgeshire for this price, 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 remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Last September I purchased a leasehold house in Cambridgeshire. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a ground floor flat in Cambridgeshire, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Cambridgeshire with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2092
With 66 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
We are in the process of acquiring a apartment in Cambridgeshire. Conveyancing is not over but we would like have the amount we are are buying for private from the likes of Nestoria. How do I make sure this is not disclosed?
HMLR as a matter of law obliged to reveal price sold information on a register of the title for residential properties nationwide including premises in Cambridgeshire. The register of ownership is a public document, so the Land Registry would be breaching their statutory duty if they did not grant access to the register.
You can ask HMLR to withhold the price paid entry however the answer will be a No.