My husband and I are looking to acquire a flat in Cottenham and are in fact using a Cottenham conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Cottenham conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Cottenham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am hoping to complete my purchase in Cottenham next Thursday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Cottenham.
I purchased a freehold premises in Cottenham but nevertheless pay rent, why is this and what is this?
It is rare 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I have been told that property searches are the primary cause of delay in Cottenham house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Cottenham.
Have purchased a a terraced house in Cottenham , What is the estimated time for the Land Registry to record my ownership? My Cottenham conveyancing solicitor has been painfully slow, so I want to be sure the registration formalities are dealt with.
There is nothing unique when it comes to conveyancing in Cottenham registration formalities. Rather than based on location, timescales can vary depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any third parties. At present approximately 80% of such applications are fully dealt with in less than three weeks but occasionally there can be protracted hold-ups. Registration is effected once the new owner is living at the premises therefore 'speed' is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor must contact the land registry and explain the circumstances.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Cottenham is the location of the property. Can you offer any assistance?
Flying freeholds in Cottenham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cottenham you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cottenham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.