I was told yesterday by my mortgage broker that my Oxton solicitor is not on the bank Solicitor panel. What can I do to be certain that this is indeed the case?
Your first step should be to call your Oxton conveyancer. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Oxton? Why is this being asked of me?
Oxton conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of monies is also necessary in accordance with the money laundering statutes as conveyancers are mandated to investigate that the money you are using to purchase a property (whether it be the deposit for exchange or the total purchase price where you are a cash purchaser) has originated from legitimate source (such as an inheritance) and is not the product of illegitimate activity.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Oxton bank branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Oxton conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their published requirements. Who do I believe?
As long as the solicitor is on the mortgage company approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I recently had an offer agreed on an apartment in Oxton. My mortgage broker suggested a conveyancer. I paid an on account payment of £175. Soon after, the conveyancer contacted me to say that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Nottingham have agreed my home loan in principle, my bid on a flat in Oxton has been agreed to, what are the next steps?
The estate agent will want to be advised as to your property lawyer's details (make sure the property lawyers are on the bank’s approved list). Contact Nottingham or your financial adviser and complete any outstanding documentation. Nottingham will sellect a valuer who will get in touch with the estate agent or seller to book a time for the valuation to take place. Once carried out (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Nottingham will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Oxton.
My partner and I are downsizing from our home in Oxton and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A local conveyancer would know this is not the case. It does beg the question why the purchasers used a factory type conveyancing outfit as opposed to a conveyancing solicitor in Oxton. We have lived in Oxton for 5 years we know that this is a non issue. Should we contact our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You need to 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 ailment)
I have been on the look out for a flat up to £235,500 and identified one close by in Oxton I like with a park and transport links nearby, however it only has 52 remaining years left on the lease. There is not much else in Oxton in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I am downsizing from my house. My previous solicitors has retired. I am in need of a recommendation of a conveyancing firm. I happen to live in Oxton if that makes a difference.
You should use our search tool to help you find a solicitor for your conveyancing in Oxton. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.