Various internet forums that I have come across warn that are the number one reason for obstruction in Cambridge house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Cambridge.
How does conveyancing in Cambridge differ for new build properties?
Most buyers of new build residence in Cambridge approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Cambridge typically acquire the real estate, 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 accustomed to new build conveyancing in Cambridge or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Cambridge before appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies tend not issue a loan on this type of house.
It varies from the lender to lender. Lloyds has different instructions from Halifax. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cambridge. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it possible to switch firm as I have to select one who is on the Lloyds TSB Bank conveyancing panel. I hired a family conveyancing solicitor in Cambridge five minutes from me but she is not approved by Lloyds TSB Bank
It would be our pleasure to help you find a conveyancing solicitor in Cambridge on the Lloyds TSB Bank panel. Please note that the conveyancers that we list do not pay us fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Cambridge. Using search facility on this website, you can scrutinise fees for conveyancing solicitors in Cambridge and beyond.
I am using a search engine for the term on line conveyancing in Cambridge it brings up many conveyancerslocally. With so much choice what is the best way to find the right property lawyer for purchase transaction?
The best method of finding the right conveyancer is through a trusted testimonial, so seek the counsel of friends and those you trust who have acquired a property in Cambridge or a respected estate agent or mortgage broker. Fees for conveyancing in Cambridge differ, so it's sensible to obtain a minimum of three estimates from varying types of conveyancers. Be sure to secure confirmation that the fees are fixed.
I've recently bought a leasehold flat in Cambridge. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Cambridge Leasehold Conveyancing - Sample of Queries before buying
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Is the freehold owned collectively by the leaseholders? Make sure you enquire if there are any onerous restrictions in the lease. For instance it is fairly common in Cambridge leases that pets are not permitted in in a block in Cambridge. If you like the flatin Cambridge but your cat can’t make the move with you then you will be faced difficult compromise. Many Cambridge leasehold properties will incur a service bill for the upkeep of the building set on behalf of the freeholder. If you acquire the flat you will have to pay this charge, normally in instalments during the year. This could differ from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge to be met annual, ordinarily this is not a significant amount, say around £25-£75 but you need to enquire it because sometimes it can be prohibitively expensive.