Our son-in-law is purchasing a newly built flat in Cambridge with a home loan from Coventry BS. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
After researching online forums for a conveyancing solicitor in Cambridge, most say that I should instruct a CQS kitemarked solicitor. What is CQS?
Cambridge Conveyancing Quality Scheme law firms have obtained accreditation by the law Society CQS was created to promote high standards in the home moving process. CQS enables home movers to identify practices who provide a quality residential conveyancing. Cambridge is one of locations in England and Wales in which CQS have offices. The scheme obliges solicitors to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Association of British Insurers.
Are all Cambridge Conveyancing Quality Solicitors on the UBS conveyancing panel?
A selection of lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I have a mortgage with Kent Reliance for my property in Cambridge. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel firm.
I am selling my house. I had a double glazing fitted in October 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, TSB are being difficult. The Cambridge solicitor who is on the TSB conveyancing panel is recommending indemnity insurance as a solution but TSB are requiring 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.
My relative suggested that where I am purchasing in Cambridge I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Cambridge conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Cambridge around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cambridge Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Cambridge.
My husband and I are 18 days into a leasehold purchase having been directed to solicitors by the selling agent to execute conveyancing in Cambridge. I am am extremely disappointed with the quality of service. Could you you assist me in finding new solicitors?
They would have to be really poor to suggest diss instructing them. Has the mortgage been issued? If so you need to make them aware of the new contact details and ensure the offer are issued to the new lawyers. Your new conveyancer needs to be on the banks panel to avoid added costs and frustration. That should be your first question of the new solicitors. Our find a solicitor tool can help you find a lender approved lawyer for your conveyancing in Cambridge
Having checked my lease I have discovered that there are only 72 years left on my lease in Cambridge. I am keen to get lease extension but my freeholder is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. In some cases a specialist would be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Cambridge.
I bought a 2 bed flat in Cambridge, conveyancing formalities finalised 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Cambridge with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2093
With 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.