This question may be naive but I am unexperienced as a first time purchaser of a ground floor flat in Cambridge. Do I pick up the keys to the premises on the completion date from my lawyer? If so, I will instruct a local conveyancing solicitor in Cambridge?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the seller's conveyancers, and once they have received this, you will be invited to pick up the keys from the property Agents and move into your new home. This tends to happen early afternoon.
I have decided to exercise my right to buy my property in Cambridge off the council. I have a mortgage agreed with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
Bank of Ireland have agreed my mortgage in principle, my bid on a apartment in Cambridge has been agreed to, what are the next steps?
The estate agent will want to be informed of your lawyer's details (ensure that the solicitors are on the lender’s approved list). Call up Bank of Ireland or the broker and complete any appropriate paperwork. Bank of Ireland will instruct a valuer who will get in touch with the estate agent or owners to book a time for the valuation to occur. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Bank of Ireland will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Cambridge.
It has been four months following my purchase conveyancing in Cambridge took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Cambridge differ for new build properties?
Most buyers of new build property in Cambridge approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Cambridge typically purchase 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 conveyancing solicitors 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 used to new build conveyancing in Cambridge or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Cambridge is the location of the property. What do you suggest?
Flying freeholds in Cambridge are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cambridge you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cambridge may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My wife and I purchased a leasehold flat in Cambridge. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Cambridge who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Cambridge conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a leasehold flat in Cambridge, conveyancing formalities finalised 7 years ago. How much will my lease extension cost? Comparable properties in Cambridge with an extended lease are worth £227,000. The ground rent is £50 per annum. The lease ceases on 21st October 2095
With 72 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 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 a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.