Unfortunately I am unable to travel far from Kidlington. What is the rationale as to why all Kidlington conveyancers aren't automatically on all mortgage company panels?
Before the recession most lenders displayed an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into mortgage fraud which concluded: know the solicitors on your panel. Accordingly, mortgage companies have since looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of amount of transactions the mortgage companies set.
I have a 4 bedroom Victorian property in Kidlington. Conveyancing practitioner acted for me and Godiva Mortgages Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kidlington and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing solicitor who conducted the purchase.
How does conveyancing in Kidlington differ for newly converted properties?
Most buyers of new build property in Kidlington approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Kidlington usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Kidlington or who has acted in the same development.
I decided to have a survey carried out on a property in Kidlington before retaining conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks will not give a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kidlington. Conveyancing may be slightly more expensive based on your lender's requirements.
I am on look out for some leasehold conveyancing in Kidlington. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Kidlington - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a garden flat in Kidlington, conveyancing was carried out September 2007. How much will my lease extension cost? Corresponding flats in Kidlington with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2082
You have 57 years remaining on your lease we estimate the price of your lease extension to span between £26,600 and £30,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to 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.
Our lender agreed in principle to give us a mortgage. We instructed a high street conveyancer in Kidlington last week. Today, our mortgage adviser phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their panel. As novices, we did not have a clue that the lender had a say Is this usual?
You are at liberty to select any lawyer you wish to instruct including the said conveyancer in Kidlington nevertheless if your mortgage company aren't happy with them you would have to incur additional cost so the bank can retain their own solicitors as well to protect their interest. On occasion it is possible your preferred conveyancing firm to get added to the lender panel. You can use internet search facilities such as lenderpanel.com to find a conveyancing solcitor in Kidlington on the mortgage company panel. You can go into your high street lender branch in Kidlington. They can recommend conveyancing solicitors in Kidlington on the bank panel.