Can you explain why leasehold purchase conveyancing in Olney is more expensive?
Olney leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
What is the difference between a licensed conveyancer and conveyancing solicitor in Olney
There are many registered licenced Conveyancers in Olney and Solicitor firms in Olney to choose from We would stress that the two are regulated professionals specialising in the legal aspects of transferring property. Both can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I'm in the throws of looking at houses in Olney and I am about to put in an offer. Should I already have a conveyancer appointed at this stage? I will be getting a home loan with Santander.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are seeking a mortgage with Santander, make sure you remember to check that your lawyer is on the Santander conveyancing panel.
I can not work out if my bank requires a lease extension. I have called into my local Olney building society branch on a couple of occasions and was informed it wasn't an issue and they would lend. My Olney conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The lawyer has to follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
We are selling our home in Olney and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Olney. Having lived in Olney for 5 years we know of no issue. Do we get in touch with our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
About to purchase a new build flat in Olney. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Olney
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a simple, chain free conveyancing. Olney is where the house is located. What do you suggest?
Flying freeholds in Olney are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Olney you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Olney may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What is the reason for my solicitor requiring a list of items of identification ahead of starting selling or buying a property in Olney?
Olney conveyancing practitioners are duty bound by the Law Society, SRA, HM Land Registry and current AML legislation to record that the have checked the identity of their clients. It will also be a condition of your lender where you are taking a mortgage. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, national insurance number and DOB.