I am 3 weeks into the sale of my flat in Oakdale and the EA has just text me to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. Why would a major lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Oakdale ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your buyers are not going to have any sway in the decision.
I am selling my flat in Oakdale. Does my property lawyer need to be required to be on the TSB conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the TSB conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
Will our lawyer be asking questions about flooding as part of the conveyancing in Oakdale.
Flooding is a growing risk for lawyers dealing with homes in Oakdale. There are those who purchase a property in Oakdale, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a various searches that may be undertaken by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Oakdale. The standard information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover if the property has historically flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a buyer may issue a claim for damages resulting from an misleading response. The buyer’s solicitors may also order an environmental report. This should reveal whether there is any known flood risk. If so, additional investigations should be conducted.
How does conveyancing in Oakdale differ for new build properties?
Most buyers of new build property in Oakdale contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Oakdale tend to purchase the real estate, 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 property lawyers 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 Oakdale or who has acted in the same development.
I am a sole trader looking to take over a lease of a shop on a shopping parade. Can you recommend lawyers offering competitive charges for non-domestic conveyancing in Oakdale for less than 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Oakdale, including the disposal and purchase of businesses as well as simply property. If you are looking to purchase or dispose of a shop, pub, restaurant, office, retail premises or a whole business we can find you the right solicitor. As for the charges these will vary based on the structure and terms of the proposed transaction. Let us have your details or phone so as to enable us to furnish you with a fixed commercial conveyancing calculation.
I've recently bought a leasehold property in Oakdale. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Oakdale Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
-
Many Oakdale leasehold flats will be liable to pay a service charge for the upkeep of the block levied by the management company. Should you acquire the property you will have to pay this liability, usually in instalments throughout the year. This can differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay annual, this is usually not a large sum, say about £50-£100 but you need to check as on occasion it could be many hundreds of pounds. In the main the cost for major works tend not to be included within service charges, although some managing agents in Oakdale require leaseholders to pay into a sinking fund and this is used to offset against larger works. Are there any major works on the horizon that could increase the maintenance costs?