My wife and I are buying a 1 bedroom flat in Cottenham with a mortgage. We have a Cottenham conveyancer, but the bank advise he's not on their "panel". We have to appoint one of the lender panel solicitors or retain our Cottenham conveyancer as well as pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. 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. Another option that might be available is for your Cottenham conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I have lately acquired a house in Cottenham. We have since encountered a number of problems with the property which we believe were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that should have been carried out for conveyancing in Cottenham?
The question is not clear as to the nature of the problems and if they are unique to conveyancing in Cottenham. Conveyancing searches and investigations initiated as part of the buying process are supposed to help avoid problems. As part of the process, the vendor answers a document called a Seller’s Property Information Form. answers is incorrect, then you may have a claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Cottenham.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Cottenham. Do I collect the keys to the premises on the completion date from my conveyancer? If so, I will instruct a local conveyancing solicitor in Cottenham?
On the day of completion you do not need to go to the conveyancers office in Cottenham. Your solicitors will arrange to send the completion advance to the owner’s solicitors, and once they have received this, you should be invited to pick up the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
My father pointed out to me me that in purchasing a property in Cottenham there could be a number of restrictions prohibiting external alterations to the property. Is this right?
There are anumerous of properties in Cottenham which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Cottenham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Virgin Money have agreed my home loan in principle, my offer on a flat in Cottenham has been agreed to, what are the next steps?
Your estate agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Call up Virgin Money or your broker and finish off any outstanding forms. Virgin Money will instruct a valuer who will get in touch with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Virgin Money will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Cottenham.
Are there restrictive covenants that are commonly identified during conveyancing in Cottenham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Cottenham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Back In 2002, I bought a leasehold house in Cottenham. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Cottenham who previously acted has now retired. Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Cottenham conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a leasehold flat in Cottenham, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Cottenham with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2079
With just 55 years left to run we estimate the price of your lease extension to range between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
What can I do to establish who is the owner of a house in Cottenham?
As long as the premises is recorded at HMLR, and you have sufficient details of the address of the property, you will be able to obtain details from the HM Land Registry of the recorded owner for a fee.