I am purchasing a property mortgage free in Oldham. I have been living for the previous 15 years in Oldham. Conveyancing searches are exorbitant. Given that I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a mortgage, then almost all of the Oldham conveyancing searches are at your discretion. Your lawyer will 'advise', no-doubt strongly, that you should have searches completed, but she has a professional duty to take that path of guidance. One thing to consider; if you are likely to sell the house one day, it will be of interest to your future purchaser what the searches reveal. Sometimes properties with functional issues can still reveal detrimental search results. A competent conveyancing solicitor in Oldham will be able to give you some practical guidance here.
When scouring moneysavingexpert.com for a high-quality solicitor in Oldham, many say that I must use a CQS accredited solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in buying or selling property, trusted by some of the UK's major lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. Oldham is one of the numerous areas of the UK where there are CQS lawyers.
We are purchasing a 4 bedroom semi-detached house in Oldham. Our aim is to carry out a loft conversion at the property.Will the conveyancing process involve checks to ascertain if these works are permitted?
Your conveyancer will review the registered title as conveyancing in Oldham will occasionally reveal restrictions in the title documents which restrict certain works or necessitated the consent of another owner. Certain additions require local authority planning consent and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
We are getting the release of further monies on our mortgage from Yorkshire BS as we intend to carry out renovations to our property in Oldham. Are we obliged to appoint a high street Oldham solicitor on the Yorkshire BS conveyancing panel to handle the legals?
Yorkshire BS don't usually appoint a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
I have a mortgage with Leeds Building Society for my property in Oldham. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention before renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies 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 Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel solicitor.
What does a local search inform me concerning the house we're purchasing in Oldham?
Oldham conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search plays an important part in most Oldham conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant 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.
I am purchasing a new build house in Oldham with a loan from Halifax. The sellers refused to reduce the price so I negotiated 6k of extras instead. The estate agent advised me not reveal to my conveyancer about this side-deal as it will jeopardize my mortgage with Halifax. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
When it comes to leasehold conveyancing in Oldham what are the most common lease problems?
Leasehold conveyancing in Oldham is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Mortgage Works, and Nottingham Building Society all have very detailed 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 grant the mortgage, obliging the purchaser to withdraw.
I am the registered owner of a 2 bed flat in Oldham, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Oldham with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2078
With 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.