Am I correct in assuming that the fact that my conveyancer in Oakley is not listed on my bank's conveyancing panel that there is a problem with the quality of the firm’s work?
That would more than likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% 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. Where you are concerned you should simply call the Oakley conveyancing firm and enquire why they are no longer on the approved list for your bank.
I do hope you can help me. My Oakley solicitor is advising me that she is duty bound toapply for Oakley conveyancing searches resulting from the fact thatthe firm are on the Lloydsconveyancing panel. Do I not have any options here?
You have limited options available to you. As you are taking a home loan with a mortgage company your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Oakley conveyancing searches.
It has been 2 months since my purchase conveyancing in Oakley completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Oakley with a loan from Coventry Building Society. The builders would not move on the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my solicitor about this deal as it would affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Oakley ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some lenders may not grant a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Oakley. Conveyancing will be smoother if you use a solicitor in Oakley especially if they are familiar with such properties in Oakley.
What are your top tips when it comes to finding a Oakley conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Oakley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Oakley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
-
If they are not ALEP accredited then why not?
I invested in buying a garden flat in Oakley, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Oakley with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2103
With 77 years left to run the likely cost is going to be between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.