I can't travel far from Oakwood. What is the rationale as to why all Oakwood lawyers aren't included on all lender panels?
Mortgage Companies normally restrict either the nature or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a practice is required to have two or more partners. In addition to restricting the nature of firm, some have decided to restrict the size of their panel they allow to act for them. It is worth noting that banks have no liability for the standard of advice given by any Oakwood lawyer on their approved list. Property fraud was the key driver in the reduction of conveyancing panels in the last decade even though there are differing views concerning the extent of solicitor involvement in some of that fraud. Data published by HMLR indicates that thousands of law organisations only conduct a couple of conveyances a year. Those advocating conveyancing panel culls ask why law firms should have the right to remain on a conveyancing panel when it is evident that conveyancing is not their speciality?
Having sold my house in Oakwood last March but the buyer keeps whats apping me to moan that their solicitor needs to hear from mylawyer. What are the post completion sale formalities now that I have sold?
Following your disposal your lawyer is committed to forward the transfer deeds and all additional paperwork to the buyer’s conveyancer. If applicable, your lawyer must also confirm that the home loan has been discharged to the purchasers lawyers. There are no post completion steps peculiar conveyancing in Oakwood.
How does conveyancing in Oakwood differ for newly converted properties?
Most buyers of new build or newly converted property in Oakwood approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Oakwood tend to buy the land, 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 used to new build conveyancing in Oakwood or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Oakwood is where the house is located. Is there any advice you can give?
Flying freeholds in Oakwood are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Oakwood you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oakwood may ascertain 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.
I work for a long established estate agent office in Oakwood where we see a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Oakwood conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a leasehold flat in Oakwood, conveyancing was carried out in 2005. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Oakwood with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2080
With just 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending 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 tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Can I determine who is the owner of a house in Oakwood?
As long as the premises is registered with HMLR, and you have requisite information of the location of the premises, you should be able to obtain details from the the Land Registry of the recorded owner for a fee.