We were just about to sign contracts for a garden flat in Oakwood. We encountered a problem. Our mortgage offer with Alliance & Leicester expires on 7/3/2022 but the owners are putting forward a completion date of 9/3/2022. Is it possible to prolong the loan expiry date?
The best person to address this concern is your lawyer who will hopefully assess if they corresponding with the lender, vendor’s lawyers, property agents or conceivably all parties given the circumstances your transaction to date.
We're in Oakwood, First timers purchasing with a mortgage (lender is Skipton , and our solicitor is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What is the difference between a licensed conveyancer and conveyancing solicitor in Oakwood
There are many recorded licenced Conveyancers in Oakwood and Solicitor firms in Oakwood who can assist with your conveyancing We would stress that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. They may both also conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Can you help - my lawyer advises that defective lease insurance is necessary on my purchase. What is the level of cover for Oakwood conveyancing?
The right level of defective lease indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such insurances.
The mortgage over my property is with Nottingham for my property in Oakwood. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
You must advise Nottingham prior to renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel firm.
How does conveyancing in Oakwood differ for newly converted properties?
Most buyers of new build premises in Oakwood contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because builders in Oakwood usually buy 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 Oakwood or who has acted in the same development.
We're FTB’s - had an offer accepted, yet the agent told us that the seller will only proceed if we use the agent's chosen solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer used to conveyancing in Oakwood
It is unlikely the vendors are driving this. Should the vendor want ‘a quick sale', turning down a genuine purchaser is is going to put the whole deal at risk. Contact the owners directly and make sure they comprehend that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to use your own,trusted Oakwood conveyancing solicitors - not the ones that will provide their negotiator at the agency a referral fee or meet his conveyancing figures set by head office.
Been searching for a conveyancer for freehold sale conveyancing in Oakwood. I'm selling, uncomplicated no mortgage to redeem, no hurry, no onward chain. Received a quote from a conveyancing practitioner for £900 plus VAT which is a little steep given that its so straightforward. Can I pay less for conveyancing in Oakwood?
Considering it’s a sale only, £500 + VAT would be about the best for a Oakwood solicitor firm.