My husband and I are looking to purchase a flat in Cambridge and have instructed a Cambridge conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Virgin Money have this morning contacted us to inform me that there is now an issue as our Cambridge solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Cambridge solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Is it the case that all Cambridge CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing list of approved practices?
It is true that some banks and building societies now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
Can I be sure that the Cambridge conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Cambridge seeking recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your transaction.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Cambridge bank branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Cambridge conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their published requirements. Who do I believe?
Your conveyancer has to follow the CML Handbook Part 2 conditions 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I decided to have a survey carried out on a property in Cambridge before instructing lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some lenders may not grant a loan on such a home.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check with the relevant lender. 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.
Having had my offer accepted I require leasehold conveyancing in Cambridge. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Cambridge - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a 1st floor flat in Cambridge, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Cambridge with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2085
With 61 years remaining on your lease the likely cost is going to range between £19,000 and £22,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
My fiance and I are hoping to buy a four bedroom bungalowin Cambridge with a loan from a bank. We like our solicitor in Cambridge but our bank says she’s not on their "panel". We have to appoint from the our lender panel firms or keep our Cambridge conveyancer and incur the extra fees for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that our mortgage company use our Cambridge lawyer?
Unfortunately,no. The bank mortgage issued is subject to conditions, one of which will be that solicitors will on the mortgage company's conveyancing panel. Until recently, most mortgage companies had open panels, including almost all conveyancing solicitors in Cambridge : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your bank.