Unfortunately I am unable to travel far from Cottenham. Please spell out why all Cottenham lawyers aren't included on all lender panels?
As unjust as it may appear for mortgage companies to restrict who can act for them, from the public’s or conveyancer’s point of view, the flip side is that lenders are becoming ever more anxious and regard it necessary to protect them from illegal activities. As a result of this concern banks are limiting their conveyancing panel to a manageable size.
We're in Cottenham, First time buyers purchasing with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will commercial conveyancing searches reveal impending roadworks that may affect a commercial premises in Cottenham?
Its becoming the norm that commercial conveyancing solicitors in Cottenham will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Cottenham. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cottenham.
For each commercial conveyancing transaction in Cottenham it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Cottenham commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Cottenham.
Due to the advice of my in-laws I had a survey completed on a house in Cottenham before appointing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you e-mail us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cottenham. Conveyancing may be slightly more expensive based on your lender's requirements.
I have recently realised that I have Seventy years left on my lease in Cottenham. I need to extend my lease but my freeholder is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the landlord. For most situations a specialist should be helpful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Cottenham.
I invested in buying a 1 bedroom flat in Cottenham, conveyancing formalities finalised May 1997. Can you work out an approximate cost of a lease extension? Comparable properties in Cottenham with an extended lease are worth £207,000. The ground rent is £60 charged once a year. The lease runs out on 21st October 2081
You have 57 years left to run the likely cost is going to be between £28,500 and £33,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
My lender have just issued us with a mortgage offer. We appointed a local conveyancer in Cottenham yesterday. A couple of hours ago, our broker called to say that the bank said that we cannot use our solicitor as they aren't on their panel. As FTB's, we had no idea that the lender had a say Is this allowed?
You can actually use any conveyencer you prefer to instruct including the said conveyancer in Cottenham however if your bank aren't happy with them you must incur additional cost so your bank can appoint their own solicitors as well to protect their interest. sometimes it is conceivable that your preferred conveyancing firm to get included on to the bank list of approved firms. Do make the most of internet search facilities such as lenderpanel.com to find a conveyancing solcitor in Cottenham on the bank panel. You can go into your local bank branch in Cottenham. They can recommend conveyancing solicitors in Cottenham on the bank panel.