My partner and I are acquiring residence in Cambridge. My lawyer has never been on on the mortgage company approved list. Am I still permitted to use my Cambridge conveyancing solicitor notwithstanding that they are not on the bank list of approved lawyers?
Various options include
- Carry on with your preferred Cambridge lawyer but your mortgage company will undoubtedly retain a property lawyer from their approved list. This will result in additional fees together with probable delay.
- Get a new property lawyer to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Appeal to your solicitor to seek to join the lender panel
We have very brash sellers who has suggested a lock out contract with a down payment of 5k. Are such agreements sensible?
There are two main downsides with signing a lock out agreement (occasionally referred to as a shut-out contract) is that it takes away the focus from making progress with the conveyancing process, so in the absence of it needing little or no negotiation then it may turn out to be a hindrance. It is not promoted by Cambridge conveyancing solicitors for this reason. The other main concern is the extent of the remedies available - a jilted purchaser is not likely to obtain an injunctive ruling by a court to stop the vendor selling to an alternative purchaser, so the only remedy open via the agreement will be the reimbursement of wasted costs and, in restricted situations, the extra payment of damages.
Why is leasehold purchase conveyancing in Cambridge is more expensive?
The conveyancing charges on a leasehold premises in Cambridge is often more expensive as compared to a freehold acquisition or disposal. This is because there is an amount of supplemental time necessary in corresponding with the landlord and management company to obtain information about whether the rent and maintenance charges have been discharged and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
Our bank has recommended a law firm on their panel based in Cambridge but I would rather instruct a conveyancing lawyer in Cambridge round the corner to me. Can you help?
Not all Cambridge conveyancing practitioners are listed all lender’s conveyancing panel. Do make use of the above search tool to choose a Cambridge conveyancing solicitor on the on the lender panel.
Me and my brother have a 4 bedroom Georgian house in Cambridge. Conveyancing solicitor acted for me and Barnsley Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cambridge and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing lawyer who conducted the conveyancing.
I'm purchasing a new build house in Cambridge benefiting from help to buy. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my solicitor about the side-deal as it would impact my loan with the bank. Is this normal?.
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.