When researching online forums for a conveyancing solicitor in Oadby, most comment that I must instruct a CQS kitemarked solicitor. Can you explain what CQS is?
Oadby Conveyancing Quality Scheme solicitors have obtained accreditation by the law Society The Law Society created CQS to establish evidence of quality standards in the home moving process. CQS enables buyers and sellers to identify practices that provide a quality residential conveyancing. Oadby is one of the many areas in England and Wales in which CQS have offices. The scheme requires practices to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Legal Ombudsman.
This question may be naive but I am new to the process as a first time purchaser of a two bedroom flat in Oadby. Do I receive the keys to the house on the completion date from my conveyancer? If so, I will use a High Street conveyancing solicitor in Oadby?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be invited to pick up the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
I happen to be the single beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Oadby. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the house in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Most banks would take a practical view as this requirement chiefly exists to identify subsales or the quick reselling of properties.
When it comes to mortgage companies such as Kent Reliance, do Oadby conveyancers face a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Various online forums that I have visited warn that are the number one cause of obstruction in Oadby conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Oadby.
Are there restrictive covenants that are commonly identified during conveyancing in Oadby?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Oadby. 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…’
I need to retain a conveyancing solicitor for remortgage conveyancing in Oadby. I have chance upon a web site which appears to be the ideal answer If there is a chance to get all the legals done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Do you have any advice for leasehold conveyancing in Oadby with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Oadby can be avoided if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ representatives. If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Obtaining a replacement share certificate is often a lengthy process and frustrates many a Oadby home move. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (if applicable) for this as soon as possible. A minority of Oadby leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than ongoing.
I bought a basement flat in Oadby, conveyancing having been completed in 2012. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Oadby with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2075
You have 54 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.