Why is leasehold purchase conveyancing in Cambridge costs more?
Cambridge leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My bank has recommended a law firm on their panel based in Cambridge but I would rather choose a conveyancing lawyer in Cambridge local to me. Can you assist?
Far from all Cambridge conveyancing solicitors are approved and listed on all lender’s conveyancing panel. Use our search tool to identify a Cambridge conveyancing solicitor on the on the bank panel.
Do commercial conveyancing searches reveal proposed roadworks that may affect a commercial site in Cambridge?
Its becoming the norm that commercial conveyancing solicitors in Cambridge will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Cambridge. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cambridge.
For each commercial conveyancing transaction in Cambridge it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Cambridge commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Cambridge.
I am purchasing my first flat in Cambridge benefiting from help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not reveal to my conveyancer about this extras as it would affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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 have just appointed agents to market my basement flat in Cambridge. Conveyancing solicitors are to be appointed soon, but I have recently received a quarterly service charge demand – what should I do?
It best that you clear the invoice as normal as all ground rent and service payments will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a 1st floor flat in Cambridge, conveyancing formalities finalised in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Cambridge with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2090
With 65 years remaining on your lease we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as legals.
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 detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
Me and my husband have agreed a price on a Cambridge bungalow left to us six years ago in 2012. I have over 12 years conveyancing experience and, now retired, wish to undertake my own legal work. The purchaser's conveyancer has informed me that their Lenders will not allow us to do our own conveyancing requiring the funds to be transferred to a solicitor's bank account.
Mortgage requirements to conveyancing practitioners from all CML members state that If the seller is not legally represented the borrower's lawyers should check whether the bank needs to be informed so that a decision can be made as to whether or not they are prepared to progress.