I'm in the throws of viewing flats in Cottenham and I am about to put in an offer. Should I already have a conveyancing practitioner in place at this stage? I will be getting a home loan with Skipton.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are getting a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
It is not clear whether my bank requires a lease extension. I have called into my local Cottenham bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Cottenham conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their specific requirements. Who do I believe?
As long as the lawyer is on the lender panel, she or he must comply with the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
My offer on a detached house in Cottenham has been agreed to, but there is a chain. The owners have placed an offer on on an apartment, however it’s not yet agreed to, and have viewings of other flats booked. I have selected a local conveyancing solicitor in Cottenham. What do I do now? When should I get the mortgage application with Coventry BS started?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then valuation, Cottenham conveyancing search costs, etc). First, you must check that your solicitor is on the Coventry BS conveyancing panel. As to the subsequent steps this very much depends on the uniqueness of your case, desire for the property and on the state of the market. In a rising market many home buyers would apply for a home loan with Coventry BS and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to move forward with the conveyancing in Cottenham.
Over the last few months I have been searching for a flat up to £305k and found one close by in Cottenham I like with amenity areas and station nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Cottenham for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Given that I will soon part with £400,000 on a two bedroom apartment in Cottenham I wish to have a conversation with the solicitor concerning thehome move prior to giving the go ahead to the firm. Can this be arranged?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your conveyancing in Cottenham.There is no ‘factory style conveyancing’ - every client is unique person, not a matter reference. The practices that we put you in touch with believe that the fees you are quoted for residential conveyancing in Cottenham should be the amount on the final invoice that you are charged.
My uncle has recommend that I instruct his lawyers for conveyancing in Cottenham. Should I use them?
There are no two ways about it the best way to select a conveyancing practitioner is to seek recommendations from friends or family who have actually previously instructed the solicitor that you are considering.
My partner and I may need to sub-let our Cottenham garden flat temporarily due to a career opportunity. We instructed a Cottenham conveyancing practice in 2002 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Cottenham do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I bought a split level flat in Cottenham, conveyancing having been completed 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Cottenham with a long lease are worth £186,000. The ground rent is £55 yearly. The lease ends on 21st October 2074
You have 52 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
My husband and I are disposing of a Cottenham ground floor flat we inherited some years ago in 2009. I have over a decades worth of conveyancing experience and, now retired, wish to conduct the conveyancing. The buyer's conveyancer has informed me that their building society will not allow us to do our own conveyancing requiring the funds to be transferred to a solicitor's bank account.
Lending instructions to conveyancers from all mainstream lenders state that If the vendor is not legally represented the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether they are willing to progress.