I can't travel far from Osidge. What is the rationale as to why all Osidge conveyancing practitioners aren't automatically on all bank panels?
Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in mortgage companies culling less reputable firms off their books of approved property lawyers .
It is a dozen years since I bought my home in Osidge. Conveyancing solicitors have just been retained on the sale but I can't find the title deeds. Will this cause complications?
Don’t worry too much. First there is a possibility that the deeds will be retained by your mortgage company or they could be in the possession of the conveyancers who acted in your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Most conveyancing in Osidge relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is resolvable.
My wife and I own a 4 bedroom Victorian property in Osidge. Conveyancing lawyer acted for me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Osidge and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing solicitor who conducted the purchase.
I'm buying my first flat in Osidge with the aid of help to buy. The builders refused to move on the price so I negotiated 6k of extras instead. The house builders rep advised me not reveal to my solicitor about the deal as it could affect my loan with the lender. Should I keep quiet?.
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.
I have been on the look out for a flat up to £235,500 and found one near me in Osidge I like with a park and station in the vicinity, however it's only got 49 years unexpired on the lease. There is not much else in Osidge suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I need to appoint a conveyancing solicitor for my conveyancing in Osidge. I've land on a site which appears to be the ideal offering If there is a chance to get all formalities completed via phone that would be ideal. Should I be concerned? 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?