My husband and I are looking to buy a property in East Oxford and have instructed a East Oxford conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. HSBC Bank have this afternoon contacted us to advise us that they have now hit a problem as our East Oxford solicitor is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own East Oxford solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We just had an offer accepted to purchase with Darlington Building Society. We have called around locally yet am struggling to find a East Oxford conveyancing firm on the Darlington Building Society approved list. Please you assist?
Please do take advantage of the search tool on this site. Pick the mortgage company and type East Oxford or your location and you will be presented with a number of lawyer based in East Oxford or by proximity to you.
What is your number one tip for choosing a conveyancing solicitor in East Oxford
Do not opt for the lowest East Oxford conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
is it true that all East Oxford solicitor practices on the Nottingham conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Nottingham approved list of solicitors they would need to be overseen by the SRA. Many banks do permit licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
I have a mortgage with Virgin Money for my property in East Oxford. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel lawyer.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. East Oxford is where the house is located. Is there any guidance you can give?
Flying freeholds in East Oxford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East Oxford you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Oxford may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My husband and I are first time buyers - had an offer accepted, but the agent has warned us that the seller will only proceed if we instruct the agent's chosen conveyancers as they need a ‘quick sale’. My instinct tells me that we should use a high street solicitor with experience of conveyancing in East Oxford
It is improbable the vendors are behind this. Should the seller want ‘a quick sale', turning down a motivated buyer is not the way to achieve this. Speak to the vendors direct and make the point that (a)you are motivated buyers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you are going to appoint your own,trusted East Oxford conveyancing lawyers - rather thanthose that will give the estate agent a referral fee or achieve conveyancing figures set by head office.
I am intending to sublet my leasehold apartment in East Oxford. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
The lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in East Oxford do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I purchased a basement flat in East Oxford, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in East Oxford with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2103
With just 78 years left to run we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.