My wife and I are planning to acquire a house in Oakleigh Park and have appointed a Oakleigh Park conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Yorkshire Building Society have this evening contacted us to inform me that they have now hit a problem as our Oakleigh Park solicitor is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Oakleigh Park solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My partner and I intend to remortgage our penthouse in Oakleigh Park with Coventry BS. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Coventry BS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
As someone not used to the Oakleigh Park conveyancing process what’s the number one tip you can give me for the legal transfer of property in Oakleigh Park
You may not hear this from too many lawyers but conveyancing in Oakleigh Park and elsewhere in England and Wales is an adversarial process. Put another way, when it comes to conveyancing there is lots of room for conflict between you and other parties involved in the legal transfer of property. For instance, the vendor, selling agent and on occasion your bank. Selecting a lawyer for your conveyancing in Oakleigh Park an important selection as your conveyancer is your adviser, and is the SOLE party in the process whose interest is to look after your legal interests and to protect you.
On occasion a potential adversary may try and persuade you that you should follow their advice. For example, the property agent may claim to be assisting by suggesting your solicitor is wrong. Or your financial adviser may tell you to do something that is against your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
How does conveyancing in Oakleigh Park differ for new build properties?
Most buyers of new build premises in Oakleigh Park approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Oakleigh Park typically acquire the site, 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 Oakleigh Park or who has acted in the same development.
I'm remortgaging my current home to a buy to let loan with Nottingham Building Society and I will use the rest of the raised equity towards a second house. The area we are talking about is Oakleigh Park. Will your solicitors be able to act for the two mortgage companies and tie in the conveyances?
Do use our search tool on this page to check that the lawyers are approved by both lenders. On the basis that they are your lawyer should be able to tie up the two deals but you should have a chat with you conveyancer and specify your desired outcome and needs.
I am using a search engine for the term on line conveyancing in Oakleigh Park it brings up many solicitorsin the area. How do I determine which is the right conveyancing solicitor for the sale of my house?
The best way of seeking the right conveyancer is through a trusted testimonial, so enquire of colleagues and family who have acquired a property in Oakleigh Park or the reputable estate agent or mortgage broker. Costs for conveyancing in Oakleigh Park differ, so it's advisable to secure a minimum of four estimates from different solicitors. Dont forget to clarify what costs in the quote includes.