I decided to go with a Cottenham based lawyer for my conveyancing in Cottenham today. After carefully reading the terms of engagement it is apparent thatI am on the hook for charges even if our purchase doesn't happen. Should I go with them or choose an on-line solicitor practice promising no-sale-no-fee conveyancing in Cottenham?
It is usually ‘give and take’ in that if "No Sale No Fee" is available then the fee levels will generally be uplifted to counteract those transactions that fail to complete. Please beware that such offerings generally do not protect you from expenses by way of example Cottenham conveyancing search fees.
Is there a reason why leasehold purchase conveyancing in Cottenham costs more?
The conveyancing charges on a leasehold property in Cottenham is often more expensive as compared to a freehold acquisition or disposal. This is due to the supplemental work necessary in liaising with the freeholder and managing agents to collate the evidence concerning whether the rent and service charges have been discharged and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
I moved into my house on 13 March and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Cottenham advises it would be formalised in a couple of weeks. Are titles in Cottenham particularly slow to register?
There is nothing unique when it comes to conveyancing in Cottenham registration formalities. As opposed to being determined by geographic area, timeframes can vary according to the party submitting the application, whether it is in order and if the Land registry need to notify any third persons or bodies. At present roughly three quarters of such applications are completed in less than three weeks but occasionally there can be protracted delays. Historically registration occurs after the buyer has moved in to the property so registration formalities is not usually top priority yet if there is a degree of urgency associated with the registration then you or your lawyers can contact the land registry and explain the circumstances.
I'm purchasing my first flat in Cottenham with a loan from Coventry Building Society. The sellers refused to move on the price so I negotiated 6k of extras instead. The sale representative told me not inform my solicitor about this extras as it will affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 opted to have a survey done on a property in Cottenham prior to retaining lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend not issue a loan on such a home.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cottenham. Conveyancing will be smoother if you use a solicitor in Cottenham especially if they are acquainted with such properties in Cottenham.
I work for a long established estate agency in Cottenham where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Cottenham conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a basement flat in Cottenham, conveyancing formalities finalised in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Cottenham with a long lease are worth £176,000. The ground rent is £50 yearly. The lease runs out on 21st October 2106
You have 80 years left to run the likely cost is going to span between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.