We were just about to exchange contracts for a garden flat in Old Oak Common. We encountered a stumbling block. The mortgage offer with The Royal Bank of Scotland runs out on 6/7/2026 but the sellers are putting forward a completion date of 8/7/2026. Is it possible to extend the mortgage expiry date?
The best person to address this concern is your solicitors who should determine whether they should be discussing with the bank, owner’s lawyers, selling agents or indeed all parties given what has gone on in your transaction as of today.
I am considering applying for a RBS mortgage for purchase of a new build (under development) in Old Oak Common with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
There is nothing to stop you using your solicitor, but RBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Should my solicitor be making enquiries about flooding as part of the conveyancing in Old Oak Common.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Old Oak Common. There are those who acquire a house in Old Oak Common, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of searches that may be undertaken by the buyer or by their solicitors which will figure out the risks in Old Oak Common. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to find out whether the property has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the owner, then a purchaser may bring a legal claim for losses resulting from an incorrect answer. The buyer’s conveyancers should also commission an enviro search. This will disclose if there is a recorded flood risk. If so, further investigations will need to be conducted.
It has been five months following my purchase conveyancing in Old Oak Common took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 residence 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Old Oak Common in advance of retaining conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies will refuse to issue a loan on such a premises.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Old Oak Common. Conveyancing may be slightly more expensive based on your lender's requirements.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Old Oak Common. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Old Oak Common are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Old Oak Common in which case you should be shopping around for a Old Oak Common conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Old Oak Common conveyancing firm to act on my behalf?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the amount due.
An example of a Freehold Enfranchisement case for a Old Oak Common flat is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case was in relation to 2 flats. The unexpired residue of the current lease was 68.47 years.