My bid for a property was accepted at auction in Cottenham. Conveyancing is needed. What happens now?
Given that you are now exchanged you will need to hire the services of a conveyancing solicitor quickly as you will have a tight deadline in which to complete the conveyancing. An auction property will have a corresponding legal set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should pass this on to the lawyer working for you ASAP. Do make sure that your finances are in place to complete on the on the contractual date .
I currently have a mortgage with Leeds Building Society for my property in Cottenham. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention before letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel solicitor.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Cottenham building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Cottenham conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancer has to comply with the CML Handbook Part 2 provisions for your bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My wife and I purchased a 4 bedroom Edwardian property in Cottenham. Conveyancing lawyer acted for me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cottenham and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the purchase.
I am buying a new build apartment in Cottenham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Cottenham
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
How do I use the search tool to select a conveyancing solicitor in Cottenham on the approved list for my bank?
1st choose a lender such as National Westminster Bank, Skipton Building Society or TSB then type in your preferred area a common one being Cottenham. Conveyancing firms in Cottenham and further afield will then be shown.
I work for a long established estate agency in Cottenham where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Cottenham conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Cottenham - Examples of Questions you should ask before buying
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Are there any major works on the horizon that could increase the maintenance fees? Best to be warned if a new roof is being installed or some other significant cost is anticipated to be shared between the leasehold owners and may well materially increase the the service costs or necessitate a specific invoice. In the main the cost for major works are not wrapped into the service charges, although there some managing agents in Cottenham obliged leaseholders to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.
What is the average conveyancing fee for conveyancing in Cottenham?
The average cost in 2014 for conveyancing in Cottenham was £1,500 not including Stamp Duty and Land Registry charges.