Will lawyers ask for money up-front for my conveyancing in Cottenham?
If you are buying a property in Cottenham your lawyer will ask you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the total price then this should be required shortly ahead of contracts are exchanged. Any further balance that is due should be transferred a few days prior to the completion date.
I happen to be the sole beneficiary of my late mum's estate and I have everything in my name alone, including the my former home in Cottenham. The Cottenham property was put into my name in February. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be considered the same way as if I'd bought the property in February. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view lenders take of it, depend on the mortgage company as this obligation primarily exists to capture subsales or the quick reselling of property.
I am buying a property in Cottenham. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
As your lender is Coventry BS your lawyer must comply with the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and lawyers are required to report to Coventry BS where a lease does not comply with these conditions. The conditions relate to the installation of panels on properties nationwide and is not limited to Cottenham.
I was told two weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Cottenham is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I require fast conveyancing in Cottenham as I have an ultimatum to sign on the dotted line in less than one month. Fortunately I do not need a mortgage. Can I escape the need for conveyancing searches to save money and time?
If.Given you are not getting a mortgage you are at free not to do searches although no solicitor would suggest that you don't. Drawing on years of experience of conveyancing in Cottenham the following are instances of issues that can be revealed and adversely impact the marketability of the property: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
How does conveyancing in Cottenham differ for new build properties?
Most buyers of new build property in Cottenham approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Cottenham usually acquire the land, 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 Cottenham or who has acted in the same development.
Am I right to be wary that estate agents that I am dealing with are suggesting a web based conveyancing firm as opposed to a local Cottenham conveyancing company?
As with lots of service providers, often input from connections can be extremely useful or valuable. Yet there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all recommend lawyers to appoint. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to appoint your own conveyancer. You need to be aware that most lenders operate an approved list of lawyers you must use for the mortgage aspect of your house move.