We're in East Oxford, First time buyers purchasing with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I just acquired a property at auction in East Oxford. Conveyancing is necessary. What happens now?
Now that you have for all intents and purposes signed on the dotted line you should choose a conveyancing lawyer quickly as you are facing a pending deadline in which to complete the deal. An auction property should have an associated legal set of papers. This will likely include evidence of title and search results. In the case of leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You should hand this to the lawyer working for you ASAP. You also need to ensure that you have funds in place to complete the transaction on the set completion date.
This question may be naive but I am unseasoned as FTB of a garden flat in East Oxford. Do I pick up the keys to the property on completion from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in East Oxford?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be able to collect the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
Principality have agreed my home loan in principle, my offer on a house in East Oxford has been accepted, what happens next?
The estate agent will wish to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Telephone Principality or your broker and finalise any outstanding forms. Principality will appoint a valuer who will get in contact with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Principality will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in East Oxford.
We are buying a property and the solicitor has identified Chancel Repair for which the property could be obligated to contribute to because it falls into the area of such a church. She has suggested insurance. Is this strictly appropriate for conveyancing in East Oxford
Unless a prior acquisition of the premises took place post 12 October 2013 you could assume that conveyancing practitioners handling conveyancing in East Oxford to remain encouraging a chancel search and or chancel repair liability policy.
How does conveyancing in East Oxford differ for new build properties?
Most buyers of new build residence in East Oxford come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in East Oxford typically acquire the site, 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 East Oxford or who has acted in the same development.
I am attracted to a couple of flats in East Oxford which have about forty five years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
I own a split level flat in East Oxford, conveyancing was carried out in 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in East Oxford with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2079
You have 53 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns 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 before seeking the advice of a professional.
I have read on a number of online forums that when selecting a conveyancing firm they need approved by your lender. I am a FTB but I have an AIP via Nat West Bank and I already have a local conveyancing solicitor in East Oxford lined up. Will Halifax need an approved solicitor to be instructed? Does a list of panel solicitors even exist so I can appoint a conveyancing solicitor in East Oxford?
You need to instruct a solicitor that is on the Halifax panel. Simply call your preferred East Oxford conveyancing lawyer to check if they are on the Halifax panel. If they are not on the panel you have a number of choices available to you here:
- Complete the purchase with your preferred East Oxford conveyancing practitioner but Halifax will undoubtedly retain a solicitor from their approved panel. This will result in additional charges together with likely delay.
- Appoint a new lawyer to act in the purchase, not forgetting to check that they are on the Halifax conveyancing panel.
- Appeal to your conveyancer to apply to join the bank panel.