My husband and I are purchasing a 1 bedroom flat in Cottenham with a mortgage. We have a Cottenham solicitor, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Cottenham conveyancing practitioner as well as pay for one of their panel lawyers to represent them. We regard this is inequitable; can we not insist that the lender use our Cottenham conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Cottenham conveyancing lawyer to apply to be on the conveyancing panel.
Our god-son is about to exchange on a house that has just been built in Cottenham with a mortgage from RBS. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold property in Cottenham yet pay rent, why is this and what is this?
It’s unusual for properties in Cottenham and has limited impact for conveyancing in Cottenham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Just bought a terraced house in Cottenham , What is the estimated time for the Land Registry to register my ownership? My Cottenham conveyancing solicitor works at snail pace, so I want to be certain that my purchase is registered.
As far as conveyancing in Cottenham registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can vary according to the party submitting the application, whether it is in order and if the Land registry need to notify any 3rd persons or bodies. As of today in the region of 80% of submission are fully addressed within two weeks but some can be subject to protracted delays. Historically registration is effected once the buyer is living at the property so 'speed' is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your solicitor must speak with the land registry and explain the circumstances.
Due to the advice of my in-laws I had a survey completed on a house in Cottenham ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may not grant a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cottenham. Conveyancing will be smoother if you use a solicitor in Cottenham especially if they regularly deal with such properties in Cottenham.
My wife and I are selling a Cottenham ground floor flat we inherited seven years ago in 2011. I have over twenty years conveyancing knowledge and, now retired, see no reason not to do my own conveyancing. The purchaser's conveyancer has informed me that their building society will not allow us to do our own conveyancing insisting the funds to be released via a solicitor's bank account.
Mortgage requirements to conveyancing practitioners from all mainstream lenders specify that If the seller is not legally represented the borrower's lawyers should check whether the bank needs to be told so that a decision can be made as to whether they are willing to move forward.