We had selected solicitors located in Cambourne on the TSB solicitor approved list. They are now charging me an additional charge for handling the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. The fee is not set by TSB but by your Cambourne lawyer. Numerous firms on the TSB panel will quote ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
I have today made my last payment due on my mortgage with Yorkshire BS. I assume I don't need a Cambourne property lawyer on the Yorkshire BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
Intending to buy a house in Cambourne. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Cambourne property lawyer is on the Bank of Ireland conveyancing panel.
Do commercial conveyancing searches reveal planned roadworks that may impact a commercial land in Cambourne?
Its becoming the norm that commercial conveyancing solicitors in Cambourne will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Cambourne. 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 Cambourne.
For every commercial conveyancing transaction in Cambourne it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can result in delays to Cambourne commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Cambourne.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Cambourne I like with open areas and railway links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Cambourne for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Last November I purchased a leasehold property in Cambourne. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Cambourne Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
Is there a share of the freehold? Please tell me if there are any major works anticipated that will likely add a premium to the service charges? The best form of lease arrangement is a share of the freehold. In this scenario the tenants enjoy being in charge if their destiny and although a managing agent is frequently employed where it is larger than a house conversion, the managing agent retained by the leaseholders.
What if there is an issue with one of the searches for my conveyancing in Cambourne?
Usually, almost all adverse entries that arise in Cambourne conveyancing search results can be addressed ahead of completion or indemnity insurance may be taken. It is crucial to note that although you may be buying the premises and might be content to live with the search results, your building society or bank may not, and when all said and done the decision rests with them.