I am progressing with the sale of my home in Oakwood and the estate agent has just text me to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Oakwood ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
In the event thatI were to acquire a simple residential propertyin Oakwood mortgage fee and have no survey and no local authority searches how much should I expect to to save on my conveyancing in Oakwood?
Any savings you would achieve will be limited to the disbursement for searches. The property lawyer still be obliged to do everything else - money laundering, correspond with the sellers conveyancer, stamp duty return, register the ownership etc. You might save a bit for them not needing to register a charge however it will not be meaningful.
I decided to have a survey done on a house in Oakwood ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies may not grant a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Oakwood. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking into buying my first house which is in Oakwood and I am already nervous. I couldn't find anything specific about Oakwood. Conveyancing will be needed in due course but do you know about the Oakwood area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Oakwood. In the meantime here are some basic statistics that we found
As co-executor for the estate of my aunt I am selling a house in Cardiff but reside in Oakwood. My conveyancer (based 200 miles from meneeds me to sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in Oakwood who can witness this legal document for me?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are located in Oakwood
We are first time buyers just having agreed a price on a property in Oakwood, and are about to get solicitors appointed. We have used the numerous comparison tools and the results are from all over the England and Wales. Is it critical to have a Oakwood solicitor local to your prospective new home? I am happy to do all the communicating over the internet, but I guess at some stage we will be required to physically go into the conveyancer's office to sign documents?
The conveyancer does not have to be in Oakwood, but choosing local means that you have the option to go in if you need to, by way of example, if a signature is needed urgently. Also, a Oakwood solicitor is likely to be familiar with local agents and (if the vendor has chosen a local property lawyer) with them, which should help smooth the process.