Am I correct in assuming that the fact that my conveyancer in Oakleigh Park is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Oakleigh Park conveyancing firm and enquire why they are no longer on the approved list for your bank.
My wife and I are purchasing a brand new flat in Oakleigh Park and my conveyancer is telling me that she is duty bound to the bank to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary to pay for insurance to address the risk of chancel repairs when purchasing a house in Oakleigh Park?
Unless a previous acquisition of the property took place after 12 October 2013 you can take it that conveyancing practitioners handling conveyancing in Oakleigh Park to continue to suggest a chancel search and or insurance against a claim.
My wife and I purchased a terraced Victorian property in Oakleigh Park. Conveyancing lawyer acted for me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to review 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Oakleigh Park and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing solicitor who conducted the purchase.
I'm buying my first flat in Oakleigh Park with a loan from Skipton Building Society. The sellers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my lawyer about the side-deal as it may put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Oakleigh Park is the location of the property. Can you offer any guidance?
Flying freeholds in Oakleigh Park are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Oakleigh Park you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oakleigh Park may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.