It has come to my attention via my lender that my Olney property lawyer is not on the lender Solicitor panel. How can I check?
The sensible course of action for you to take is to contact your Olney conveyancer. You lawyer should advise you what has happened. If they are not on the panel they may be able to suggest a Olney conveyancing firm that is on the conveyancing panel for your mortgage company.
Completed the sale of my flat in Olney last February yet the purchaser is calling every few hours complaining that her solicitor needs to hear from mylawyer. What should have happened now that I have sold?
After completion of your sale your solicitor should forward the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. If applicable, your conveyancer must also evidence that the mortgage has been repaid to the buyers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Olney.
I had intended to instruct a conveyancing solicitor in Olney for our house move. Our broker has since notified us that our bank Alliance & Leicester won't deal with them. Surely this is unduly restrictive?
Before the recession most banks had a different appetite for risk. Almost all Olney conveyancing firms would have been on most bank panels. The FSA in 2010 carried out a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum volume of transactions. Many Olney conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Olney is one of the many locations where the conveyancers we recommend are members of the panel for Alliance & Leicester .
five months have elapsed following my purchase conveyancing in Olney concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My business partner and I are looking to take an assignment of a lease of an office on the high street. Can you recommend solicitors offering no-move-no fees for non-domestic conveyancing in Olney for less than 2k?
We can recommend firms who have specialist knowledge of commercial conveyancing in Olney, including the sale and acquisition of businesses as well as simply property. If you are hoping to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can find you the right lawyer. Regarding the fees this will depend on the structure and heads of terms of the proposed transaction. Let us have your contact information or telephone so as to enable us to supply you with a fixed commercial conveyancing quote.
Do you have any advice for leasehold conveyancing in Olney from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Olney can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers’ lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. A minority of Olney leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved.
Olney Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
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Make sure you discover if the the lease contains any adverse restrictions in the lease. For example some leases prohibit pets being allowed in certain buildings in Olney. If you love the apartmentin Olney however your cat is not allowed to live with you then you will be faced difficult compromise. Are there any major works on the horizon that will likely add a premium to the maintenance charges?