I am looking to buy a property and require a conveyancing solicitor in Cambourne who is on the Birmingham Midshires conveyancing. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Birmingham Midshires in certain locations such as Cambourne. We dont recommend any particular firm.
We had chosen conveyancing lawyers based in Cambourne on the TSB solicitor panel. They are now charging me a supplemental fee for the legal aspects of the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer may charge a fee for this. The charge is not dictated by TSB but by your Cambourne lawyer. Numerous firms on the TSB panel will charge ’dealing with mortgage’ fee and others do not.
I had a mortgage agreed in principle with Coventry BS. Cambourne conveyancing solicitors have been appointed. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
Some lenders take longer than others. Have Coventry BS done the valuation? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Cambourne solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Cambourne postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Cambourne.
How does conveyancing in Cambourne differ for new build properties?
Most buyers of new build residence in Cambourne come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Cambourne usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Cambourne or who has acted in the same development.
What does commercial conveyancing in Cambourne cover?
Cambourne conveyancing for business premises incorporates a wide range of guidance, supplied by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Are there common deficiencies that you see in leases for Cambourne properties?
Leasehold conveyancing in Cambourne is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
A provision to repair to or maintain elements of the property A provision for the recovery of money spent for the benefit of another party.
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a 1 bedroom flat in Cambourne, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Cambourne with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2071
You have 52 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.