We are getting a further advance on our mortgage from Yorkshire BS as we want to conduct alterations to our property in Oakley. Do we need to appoint a nearby Oakley solicitor on the Yorkshire BS conveyancing panel to deal with the paperwork?
Yorkshire BS don't usually appoint firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
I have paid off my mortgage with Lloyds. I assume I don't need a Oakley property lawyer on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
It is unclear whether my bank requires a lease extension. I have called into my local Oakley building society branch on various occasions and was told they are content with the situation and they would lend. My Oakley conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancer is on the bank panel, they must adhere to the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Oakley differ for new build properties?
Most buyers of new build or newly converted property in Oakley come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Oakley typically acquire 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 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 Oakley or who has acted in the same development.
I am looking for a flat up to £245,000 and identified one close by in Oakley I like with open areas and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Oakley suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Should I be wary by estate agents that I am dealing with are recommending a web based conveyancing firm rather than a High Street Oakley conveyancing company?
As is the case with lots of service providers, often input from relatives can be extremely useful or valuable. But there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward solicitors to select. On occasion these conveyancers might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You have the right to select your preferred lawyer. You need to be aware that the majority of banks have an approved list of conveyancers you are obliged to use for the lender related work in your home move.
My husband and I are FTB’s - had an offer accepted, but the property agent advised that the vendor will only issue a contract if we appoint the agent's preferred solicitors as they want an ‘expedited deal’. We would rather use a local solicitor accustomed to conveyancing in Oakley
We suspect that the seller is unaware of this request. Should the seller desire ‘a quick sale', alienating a serious buyer is counter productive. Speak to the vendors direct and make sure they understand (a)you are keen to buy (b)you are ready to go, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you are going to instruct your preferred Oakley conveyancing solicitors - as opposed tothose that will give the negotiator at the agency a introducer fee or meet his conveyancing thresholds demanded by corporate headquarters.
I am tempted by the attractive purchase price for a couple of maisonettes in Oakley which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Oakley. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.
Oakley Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
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What is the maintenance charge and ground rent on the apartment? Can you inform me if there are any major works in the planning that will likely add a premium to the maintenance costs? This information is helpful as a) areas can result in problems for the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the managing agents you will want to have full disclosure