I am nearing exchange of contracts for my maisonette in Oadby and the EA has just called to warn that the buyers are switching law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. Why would a major mortgage company only work with specific solicitors rather the firm that they want to choose for their conveyancing in Oadby ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
How do I discover of the solicitor conducting my conveyancing in Oadby is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Coventry Building Society thus spending £175.00 in another set of legal invoice.
Please do make the most of the find a lender approved solicitor tool on this site. Pick the lender and type ‘Oadby’ or your location and you will be presented with a number of lawyer based in Oadby or nearest you.
My wife and I are purchasing a apartment in Oadby. It might be a silly question but how we can trust a solicitor? On the day of competition we will need to deposit money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am purchasing a property in Oadby. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
Given that you are obtaining a mortgage with Santander your lawyer must comply with the formal instructions set out in Section two of UK Finance Lenders’ Handbook for Santander. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Santander where a lease does not satisfy these provisions. The provisions relate to the installation of panels on properties countrywide and is not limited to Oadby.
I am selling my apartment. I had a double glazing fitted in December 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nationwide are being pedantic. The Oadby solicitor who is on the Nationwide conveyancing panel is recommending indemnity insurance as a solution but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Oadby differ for new build properties?
Most buyers of new build or newly converted property in Oadby come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Oadby usually purchase 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 conveyancing solicitors 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 Oadby or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Oadby I like with open areas and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Oadby in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I acquired a house in Oadby last 16/1/2023 and to date it is still not recorded with HM Land Registry. It is part of a development site and my conveyancing practitioner told me that it can take twelve months to complete the registration formalities. I have spoken with the Land Registry directly and they have informed me the original application was cancelled due to failure to reply to requisitions. Should I be concerned?
It is your property lawyer that you should turn to here in order to satisfy any concerns which have arisen as part of the registration process for your Oadby property. Normal Oadby conveyancing practice includes an undertaking on the part of the vendor’s lawyer that they will assist in resolving any question raised by HMLR so it may be a case of taking action to enforce that undertaking if necessary.