I plan on acquiring a flat in Cottenham. My lawyer is not listed on the mortgage company conveyancing list. Is it possible for me to continue with my Cottenham conveyancing solicitor notwithstanding that they are not on the lender list of approved lawyers?
One must use a conveyancer to complete the formalities if you need a mortgage to purchase your property. The conveyancer will conduct all the appropriate due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage paperwork is in place. One may select a Cottenham solicitor of your choosing. However, if the lawyer appointed is not a member of the lender approved list further fees will be incurred as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so if your conveyancer has not previously applied for membership they should do so.
How up to date is your search tool for Cottenham conveyancing solicitors on the Principality conveyancing panel? Do Principality send you an updated list?
Cottenham conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
Are there restrictive covenants that are commonly identified during conveyancing in Cottenham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Cottenham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Cottenham with a loan from Chelsea Building Society. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my lawyer about the deal as it could affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey carried out on a property in Cottenham prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some lenders may refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cottenham. Conveyancing will be smoother if you use a solicitor in Cottenham especially if they regularly deal with such properties in Cottenham.