I went with a high street lawyer for our conveyancing in Cambridgeshire recently. After carefully reading the fine print I notewe are responsible for costs even if our purchase doesn't happen. Should I go with them or choose a web based conveyancing brokerage offering no-sale-no-fee conveyancing in Cambridgeshire?
Generally there is a compromise along the lines that if "No Completion No Fee" is advertised then the fee levels will tend to be be uplifted to counteract the transactions that do not proceed. You should be mindful that such promotions tend not to protect you from disbursements for example Cambridgeshire conveyancing search fees.
The property market in Cambridgeshire is heating up. What can I do to quicken up the conveyancing process?
In the event that the seller is applying time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the location as they will make use of local contacts and knowledge. It is possible that they may have conducted otherhouses in the same street. Therefore consider using a Cambridgeshire conveyancing firm. Second, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that nearly one in five of Cambridgeshire conveyancing deals are suspended or jeopardised after discovering a buyer’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal transfer of property being held up by almost 21 days. It is said that this issue impacts in the region of 100,000 home sales every year. Many Cambridgeshire conveyancing practices can not represent certain banks so do check as early as possible.
I'm the single beneficiary of my late father’s estate and I have everything in my name now, including the my former home in Cambridgeshire. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the house in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view mortgage companies take of it, depend on the bank as this provision principally exists to pick up on subsales or the quick reselling of property.
When it comes to mortgage companies such as Nottingham, do Cambridgeshire conveyancing practitioners incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
We had chosen conveyancers with offices in Cambridgeshire on the Leeds Building Society solicitor approved list. They are now charging me an additional fee for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee set by Leeds Building Society?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner can levy a fee for this. The charge is not set by Leeds Building Society but by your Cambridgeshire conveyancing practitioner. Plenty of firms on the Leeds Building Society panel will levy ’dealing with mortgage’ fee and others do not.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Cambridgeshire I like with amenity areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Cambridgeshire for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Having had my offer accepted I require leasehold conveyancing in Cambridgeshire. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Cambridgeshire - 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 invested in buying a basement flat in Cambridgeshire, conveyancing formalities finalised April 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Cambridgeshire with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2088
With just 63 years remaining on your lease the likely cost is going to be between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
What type of property do your Cambridgeshire conveyancing quotes relate to?
Our conveyancing quotes are only relevant to standard residential homes in England & Wales. Should you have any different needs for example industrial or agricultural property or commercial conveyancing in Cambridgeshire do contact us to consider this further .