My husband and I are looking to purchase a flat in Cambourne and are in fact using a Cambourne conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Britannia have this afternoon contacted us to advise us that there is now an issue as our Cambourne lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Cambourne lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
This question may be naive but I am unexperienced as FTB of a garden flat in Cambourne. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Cambourne?
On the day of completion you will not be required to attend the conveyancers office in Cambourne. Your solicitors will arrange to send the completion advance to the vendor’s conveyancers, and once they have received this, you should be invited to collect the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
When it comes to mortgage companies such as Leeds Building Society, do Cambourne lawyers face a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We expect to receive a AIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Cambourne solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Cambourne solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I got the keys to my home on 9 February and the transaction details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Cambourne said it will be recorded inside ten days. Are titles in Cambourne uniquely lengthy to register?
As far as conveyancing in Cambourne is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timescales can adjust according to the party submitting the application, whether it is in order and whether the Land registry have to notify any interested parties. Currently in the region of three quarters of submission are fully addressed in less than three weeks but some can be subject to extensive hold-ups. Registration occurs once the purchaser is living at the property so 'speed' is not always top priority but if there is a degree of urgency associated with the registration then you or your solicitor can speak with the land registry and explain the circumstances.
How does conveyancing in Cambourne differ for newly converted properties?
Most buyers of new build premises in Cambourne approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because builders in Cambourne usually acquire the site, 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 property lawyers 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.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Cambourne. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Cambourne ?
The majority of houses in Cambourne are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Cambourne so you should seriously consider looking for a Cambourne conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
I acquired a basement flat in Cambourne, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Cambourne with an extended lease are worth £197,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2076
With 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.