We have a mortgage agreed in principle with Lloyds. Cambridge conveyancing practitioners are appointed. How long does it take for Lloyds to issue the offer to the solicitor?
Some lenders take longer than others. Have Lloyds done the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my Cambridge building society branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Cambridge conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I have no idea who is right.
Your solicitor must comply with the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am due to exchange contracts on my apartment. I had a double glazing fitted in March 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, TSB are being pedantic. The Cambridge solicitor who is on the TSB conveyancing panel is happy to accept ‘lack of building regulation’ insurance but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase a new build flat in Cambridge. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Cambridge
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a flat up to £195,000 and found one round the corner in Cambridge I like with amenity areas and transport links nearby, however it's only got 52 years on the lease. There is not much else in Cambridge for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Is it simple use your search facility to get a costs illustration from a conveyancing solicitor in Cambridge on the approved list for my lender?
Step one is to choose a mortgage company such as Lloyds TSB Bank, The Royal Bank of Scotland or TSB then specify your preferred area for instance Cambridge. Conveyancing organisations in Cambridge and nationally will then be identified.
Can you provide any top tips for leasehold conveyancing in Cambridge from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Cambridge can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Cambridge state that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such works. If you dont have the consents to hand do not communicate with the landlord without contacting your lawyer in advance. The majority of landlords or managing agents in Cambridge charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Cambridge. If you hold a share in a the freehold, you should make sure that you are holding the original share document. Arranging a replacement share certificate is often a lengthy process and slows down many a Cambridge conveyancing transaction. Where a duplicate share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
I own a split level flat in Cambridge, conveyancing having been completed May 2004. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Cambridge with over 90 years remaining are worth £190,000. The ground rent is £45 per annum. The lease expires on 21st October 2088
With 62 years remaining on your lease the likely cost is going to span between £17,100 and £19,800 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 are not able to provide the actual costs in the absence of detailed investigations. You should not use the figures 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. You should not take any other action based on this information without first getting professional advice.
I purchased a property in Cambridge last 6/11/2024 and to date it is still not recorded with HMLR. It is part of a development site and my property lawyer told me that it may take one year to complete the registration formalities. I have contacted HM Land Registry directly and they say that the original application was cancelled due to failure to reply to requisitions. Should I be concerned?
Call your property lawyer - Where you are unsatisfied with the responses, look up their firm’s complaints procedure and amplify your problem to a Complaints Manager. Registrations for Cambridge conveyancing are not known to be significantly delayed.