We are about to sign contracts for a garden flat in East Oxford. We encountered a snag. The mortgage offer with Chelsea Building Society expires on 28/4/2025 but the owners are insisting on a completion date of 30/4/2025. Can one prolong the mortgage expiry date?
The best person to deal with your issue is your lawyer who will determine whether they should be discussing with the lender, seller’s lawyers, selling agents or conceivably all parties taking into account what has gone on in your transaction as of today.
I own a freehold premises in East Oxford but still pay rent, why is this and what is this?
It is rare for properties in East Oxford and has limited impact for conveyancing in East Oxford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We are getting the release of further monies on our home loan from Barclays as we intend to carry out alterations to our property in East Oxford. Are we obliged to appoint a local East Oxford solicitor on the Barclays conveyancing panel to deal with the legals?
Barclays do not ordinarily appoint firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays conveyancing panel.
I was told four weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in East Oxford is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Virgin Money have agreed my home loan in principle, my offer on a flat in East Oxford has been agreed to, now what?
The property agent will want to know who your solicitors are (be sure the solicitors are on the lender’s panel). Contact Virgin Money or the financial adviser and finalise any appropriate paperwork. Virgin Money will appoint a valuer who will get in touch with the estate agent or seller to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Virgin Money will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in East Oxford.
Are there restrictive covenants that are commonly picked up as part of conveyancing in East Oxford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in East Oxford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am 3 weeks into a leasehold purchase having been recommend to conveyancers by the selling agent to handle our conveyancing in East Oxford. I am am extremely disappointed with the quality of service. Could you you assist me in finding new lawyers?
A lawyer would need to be really bad in order to consider diss instructing them. Has the mortgage offer been issued? If so you will need to inform them of the new contact details and get the loan are re-issued. Your new conveyancer needs to be on the mortgage company approved list to avoid supplemental expenses and complications. So that should be your starting point. The find a solicitor tool will help you find a bank approved lawyer for your conveyancing in East Oxford
What makes a East Oxford lease defective?
Leasehold conveyancing in East Oxford is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the premises
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
East Oxford Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
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It is important to be aware if changing the roof or some other major work is anticipated that will be shared by the tenants and will materially increase the the maintenance fees or require a one time invoice. You should want to discover as much as you can regarding the company managing the block as they will either make your life much easier or a lot more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day issues such as the tidiness of the common parts. Enquire of prospective neighbours if they are happy with their management. In conclusion, investigate as to the dates that the maintenance charges are due to the managing agents and precisely what it includes. This question is important as a) areas can result in problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will need to have all the details