Our East Oxford solicitor has discovered a discrepancy when comparing the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My lawyer has advised that he is obliged to check that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I own a freehold premises in East Oxford yet pay rent, why is this and what is this?
It’s unusual 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 creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Is it correct that all East Oxford CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing list of approved practices?
A selection of lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
We expect to receive a AIP from Coventry BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any East Oxford solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint East Oxford solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
I recently had an offer agreed on an apartment in East Oxford. My financial adviser recommended their conveyancers. I paid an on account payment of £150. Shortly after, the property lawyer called me to say that they were not on the TSB 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 TSB 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.
About to purchase a new build apartment in East Oxford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in East Oxford
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Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
In scouring the internet for the words conveyancing in East Oxford it shows results of numerous solicitorslocally. How do I determine which is the right conveyancer for purchase transaction?
The ideal method of choosing a suitable conveyancer is via personal referral, so seek the opinion of friends and those you trust who have acquired a property in East Oxford or a local estate agent or mortgage broker. Costs for conveyancing in East Oxford differ, so it's advisable to request a minimum of four fee estimates from varying types of property lawyers. Dont forget to clarify that the fees are fixed.
How and when do I pay stamp duty due for my East Oxford property purchase?
The majority of solicitors will complete a stamp duty return on your behalf as part of your East Oxford conveyancing transaction for you to sign. On completion your lawyer will submit the Land Transaction application to the Inland Revenue and - assuming they have the money - pay any land tax payable on your behalf.