Me and my partner are purchasing our first home. Our conveyancing practitioner has messagedto ask if we want to purchase additional conveyancing searches. We are really unsure what's recommended for conveyancing in Oakwood
The type of Oakwood conveyancing searches should be triggered based primarily on the premises, the location, the probability of any of these risks, your knowledge of the region and risks, your overall approach to risk. What is important is that you adequately understand what information the searches could provide. You may then make a decision if you consider that you need that information. Should you be unsure, ask the conveyancing practitioner to provide guidance.
Finally the sale completed on my house in Oakwood last January yet the purchaser is SMS messaging me to moan that his conveyancer needs to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
After completion of your disposal your solicitor is committed to deliver the transfer documentation and all supplemental paperwork to the buyer’s lawyers. Depending on the transaction, your conveyancer must also evidence that the mortgage has been repaid to the purchasers solicitors. There is unlikely to be post completion procedures unique to conveyancing in Oakwood.
We were going to get a OIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any Oakwood solicitors on the Aldermore conveyancing panel, or is it better to go independently?
You will need to appoint Oakwood solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Oakwood bank branch on a couple of occasions and was informed it wasn't an issue and they would lend. My Oakwood conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I have no idea who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
About to purchase flat in Oakwood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Oakwood conveyancer is on the Yorkshire BS conveyancing panel.
I'm purchasing my first flat in Oakwood with a loan from Barclays . The builders would not move on the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about the deal as it may adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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've recently bought a leasehold flat in Oakwood. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a garden flat in Oakwood, conveyancing having been completed June 1996. Can you work out an approximate cost of a lease extension? Comparable flats in Oakwood with over 90 years remaining are worth £186,000. The ground rent is £55 yearly. The lease ceases on 21st October 2079
With only 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.