I am in the process of selling my house in East Oxford and the EA has just telephoned to warn that the purchasers are swapping conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their approved list. Why would a leading lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in East Oxford ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
I am purchasing a property for cash in East Oxford. I have been living for the previous twelve years in East Oxford. Conveyancing searches are expensive. As I know the area and road very well must I have all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the East Oxford conveyancing searches are at your discretion. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches completed, but she is duty bound to do this. One thing to bear in mind; if you are likely to sell the house at a future date, it will likely be be of interest to your future buyer what the searches disclose. Sometimes properties with apparent issues can still throw up unpredicted search results. A competent conveyancing solicitor in East Oxford will be able to give you some helpful advice here.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a East Oxford property lawyer on the Nottingham panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
I have instructed a East Oxford property lawyer having checked that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your East Oxford postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in East Oxford.
My offer on a detached house in East Oxford has been accepted, the vendors do nevertheless have an associated purchase. The vendors have placed an offer on somewhere, but it’s not yet tied up, and are looking at other properties in the pipeline. I have chosen a high street conveyancing solicitor in East Oxford. What do I do now? At what stage do I apply for the mortgage with UBS?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then survey, East Oxford conveyancing search fees, etc). The first thing to do is ensure that your conveyancing practitioner is on the UBS conveyancing panel. As to the next phase this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. In a hot market many buyers will apply for a home loan with UBS and arrange for the valuation and only if it comes back ok would they ask their lawyer to press on with the conveyancing in East Oxford.
My colleague advised me that if I am buying in East Oxford I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your East Oxford conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about East Oxford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the East Oxford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, East Oxford Education with plans and statistics, Local Amenities and other useful information concerning East Oxford.
I am looking into buying my first house which is in East Oxford and I am already nervous. I couldn't find anything specific about East Oxford. Conveyancing will be needed in due course but do you know about the East Oxford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at East Oxford. In the meantime here are some basic statistics that we found
My brother is purchasing a leasehold flat in East Oxford. He has received a fee estimate by the lawyer recommended by the selling agents totaling £1300 . It was 9 years ago since I sold and purchased a house and the fee was £600. Have charges really gone up that much?
We would recommend that you e-mail two or three local East Oxford conveyancing solicitors requesting estimates. It is advisable to base your selection not just on cost, but on promptness and on how comprehensive the response was.