My husband and I are buying a new build flat in Oxted and my solicitor is informing me that she has to the lender to reveal incentives from the developer. I am on a tight deadline to exchange and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How can we tell if a Oxted conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Oxted getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your transaction.
I am due to exchange contracts on my house. I had a double glazing fitted in November 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality are being pedantic. The Oxted solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Virgin Money have agreed my home loan in principle, my offer on a house in Oxted has been agreed to, now what?
The property agent will wish to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Contact Virgin Money or your broker and finish off any appropriate documentation. Virgin Money will sellect a valuer who will get in contact with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Virgin Money will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Oxted.
Various web forums that I have come across warn that are a common cause of hinderance in Oxted house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Oxted.
I have justbecome aware that Arc property Solicitors have closed. They carried out my conveyancing in Oxted for a purchase of a freehold house 12 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Oxted conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Oxted is where the house is located. Can you offer any assistance?
Flying freeholds in Oxted are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Oxted you must be sure that your lawyer goes 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 Oxted may ascertain 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 property.
I am in need of some leasehold conveyancing in Oxted. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Oxted - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a 1st floor flat in Oxted, conveyancing was carried out 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Oxted with an extended lease are worth £192,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2079
With just 54 years unexpired we estimate the premium for your lease extension to span between £32,300 and £37,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.