I am one month into the sale of my ground floor flat in Oakwood and the EA has just called to warn that the purchasers are changing their law firm. The reason given is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Oakwood ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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 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. Your purchasers are unlikely to have any sway in the decision.
What will a local search reveal regarding the house my wife and I purchasing in Oakwood?
Oakwood conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance PSG The local search plays a central role in many a Oakwood conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should supply data 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 thirteen topic areas.
I'm refinancing my primary home to a buy to let loan with Coventry Building Society and intend to use the remaining equity as a deposit on further property. The neighborhood we are talking about is Oakwood. Will your lawyers be able to act for the two mortgage companies and tie in the two deals?
Make use of our comparison tool on this page to check that the conveyancers are approved by both banks. Having checked that they are your lawyer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and make apparent your expectations and needs.
I need to instruct a conveyancing solicitor for some conveyancing in Oakwood. I happened to stumble across a web site which looks to be the ideal solution If there is a chance to get all formalities done via web that would be ideal. Do I need to be wary? 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?
My wife and I purchased a leasehold flat in Oakwood. Conveyancing and National Westminster Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Oakwood who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Oakwood conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a 1 bedroom flat in Oakwood, conveyancing formalities finalised 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Oakwood with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2075
With just 55 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
I am seeking to acquire a repression house in Oakwood and the bank selling require completion within a week. Do property lawyers meet that timeframe? Am I best advised to select a local Oakwood firm or an online firm that professes to offer speedy conveyancing?
Attend your Oakwood shopping parade. Go in to two or three solicitor’s offices and ask to see a conveyancing solicitor for a quote. Set out your needs and try and obtain a commitment on time frames. Appoint the one that comes across as most trustworthy. Be sure to choose a conveyancer on the panel of conveyancers who can act for your lender.