The Cottenham conveyancing firm handling our Cottenham conveyancing has uncovered an inconsistency when comparing the assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he needs to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am in the process of refinancing my home in Cottenham, does my lawyer have to be on the Bank of Ireland Solicitor panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
What does a local search inform me concerning the house I am buying in Cottenham?
Cottenham conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company such as Searches UK The local search plays a central part in many a Cottenham conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
Are there restrictive covenants that are commonly identified as part of conveyancing in Cottenham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cottenham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Cottenham I like with open areas and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Cottenham in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.