I am in the process of selling my flat in Oakhill and the EA has just text me to say that the purchasers are switching conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. Why would a major lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Oakhill ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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 sway in the decision.
A friend suggested that where I am purchasing in Oakhill I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Oakhill conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Oakhill around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Oakhill Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Oakhill.
I bought my house on 14 August and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Oakhill advises it would be registered inside ten days. Are properties in Oakhill uniquely lengthy to register?
As far as conveyancing in Oakhill is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can adjust according to who lodges the application, whether it is in order and if the Land registry need to notify any other persons or bodies. As of today in the region of 80% of submission are completed within 12 days but occasionally there can be longer hold-ups. Historically registration takes place after the new owner is living at the premises therefore 'speed' is not always top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Oakhill I like with a park and station nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Oakhill in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
What does commercial conveyancing in Oakhill cover?
Oakhill conveyancing for business premises incorporates a wide array of guidance, given by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
Why can't I complete our conveyancing in Oakhill on May bank holiday?
Because on completion the funds will pass between the banks of the buyer and seller's property lawyer and at present this can only occur on a working day. It is not possible to complete on a weekend either.