Our conveyancer has uncovered a a problem with the lease for the flat we are purchasing in Oakwood. The other side have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender provisions have to be complied with.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Oakwood. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 2/11/2025, the requirements read as follows :
How can we know in advance if a Oakwood conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Oakwood getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor carrying out your transaction.
About to purchase flat in Oakwood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Santander conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Oakwood lawyer is on the Santander conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Oakwood is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
What will a local search reveal concerning the property we're buying in Oakwood?
Oakwood conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Xpress Legal The local search is essential in every Oakwood conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
My father has recommend that I appoint his conveyancing solicitors in Oakwood. Should I use them?
There are no two ways about it the ideal way to choose a conveyancing solicitor is to seek referrals from friends or family who have actually previously instructed the firm that you are contemplating using.
What makes a Oakwood lease unmortgageable?
There is nothing unique about leasehold conveyancing in Oakwood. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
Oakwood Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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If a Oakwood lease has no more than 80 years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth finding out how much this will be. Remember, in most cases you will need to own the premises for two years in order to be legally able to extend the lease. Who takes charge for maintaining and repairing the building? The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders benefit from being in charge if their destiny and although a managing agent is often retained where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.