In what way does my ID and proof of funds have anything to do with my conveyancing in Cambridge? Why is this being asked of me?

Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the ID of the person or body they are dealing with before they can accept their conveyancing retainer. The Terms of Engagement that you are required to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to supply identification documents, your lawyer will not be able to take you on as a client.

My fiance and I wish to acquire a 1 bedroom flat in Cambridge with a homeloan from Barnsley Building Society.We like our Cambridge conveyancing practitioner but Barnsley Building Society says she’s not on their approved list of firms. we are left little option but to use a Barnsley Building Society panel solicitor or retain our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Barnsley Building Society use our lawyer?

No, not really. The home loan offered to you contains terms and conditions, one of which will be that lawyers needs to be on the Barnsley Building Society solicitor panel. in the past, most banks had large numbers of solicitors on their panels: a borrower 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 Barnsley Building Society

How does conveyancing in Cambridge differ for newly converted properties?

Most buyers of new build residence in Cambridge approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. 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 property lawyers 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.

We're FTB’s - had an offer accepted, but the agent informed us that the vendor will only issue a contract if we appoint their recommended solicitors as they are insisting on a ‘quick sale’. We would rather use a high street conveyancer with experience of conveyancing in Cambridge

We suspect that the owner is not behind this ultimatum. Should the owner want ‘a quick sale', alienating a genuine buyer is is going to put the whole deal at risk. Contact the sellers directly and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to instruct your preferred Cambridge conveyancing lawyers - not the ones that will provide the estate agent a introducer fee or hit his conveyancing thresholds set by HQ.

I am looking at a two maisonettes in Cambridge both have about 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Cambridge. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.

Cambridge Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing

Please note if it is fewer than 80 years it will have adverse implications on the salability of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering what this would cost. For most Cambridgelease extensions you will be required to have owned the property for a couple of years in order to be legally able to carry out a lease extension. The prefered form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this situation the lessees enjoy control and although a managing agent is often employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Who is in charge of the block?