In the event thatI were to purchase a straightforward homein Little Oakley mortgage fee and have no survey and no conveyancing searches how much could I expect to have to pay for conveyancing in Little Oakley?
The only reduction in fees you would make on is the Little Oakley conveyancing searches. Your conveyancer is required to do the vast majority of work - money laundering, communicating with your vendors lawyer, SDLT submission, register the ownership etc. A slight saving might be made by not having to register a mortgage however it will not be significant.
I own a freehold house in Little Oakley but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Little Oakley and has limited impact for conveyancing in Little Oakley 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 new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
We wanted to use a property lawyer in Little Oakley for our home move. Our financial adviser has since advised us that our bank Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Little Oakley conveyancing firms would have been on most lender panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms relating to their operations and the individuals who work for them and set certain criteria such a completing on a minimum amount of transactions. Many Little Oakley conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Little Oakley is amongst the many locations where the lawyers we list are members of the panel for Bank of Scotland.
Will our solicitor be making enquiries regarding flooding during the conveyancing in Little Oakley.
The risk of flooding is if increasing concern for lawyers dealing with homes in Little Oakley. There are those who purchase a house in Little Oakley, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, however there are a number of checks that may be initiated by the purchaser or by their conveyancers which can give them a better understanding of the risks in Little Oakley. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to find out whether the premises has suffered from flooding. In the event that the property has been flooded in past which is not notified by the vendor, then a buyer could issue a claim for damages as a result of such an inaccurate response. A purchaser’s solicitors may also commission an enviro search. This should disclose whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
I am looking for a flat up to £305k and found one round the corner in Little Oakley I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Little Oakley suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Me and my husband have recently had an offer agreed on a house and had meeting on Wednesday with Nationwide for the mortgage. They warned us that when it comes to selecting a conveyancer that if they are not on their approved list of solicitors then we will incur an extra fee of £200. This is is due to the fact that they will then have to select a solicitor to act on their behalf as well as the one we select for ourselves and we assume responsibility for their costs. I have asked Nationwide to provide me with a list so I can obtain quotes only from their approved lawyers but was told that I need to check with each individual lawyer to see if they are on the panel. What would be the best way of going about this?
You can enquire of Nationwide what their criteria for panel membership is for a solicitor.Thereafter ask the conveyancer of your choice whether they fit that criteria and have they acted on mortgages for Nationwide in the past. Where the answer to those is yes, then just clarify this with Nationwide. Another option is to use our search facility and we may be able to locate a property lawyer in Little Oakley on the panel for Nationwide.