I am not in a position to travel far from Olney. Is there a reason why all Olney solicitors are not on all bank panels?
A decade ago most banks exhibited an approach to risk which is different from today. The Financial Services Authority in 2010 instigated a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. Accordingly, mortgage companies have since looked to extract more information from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum amount of transactions the lenders insisted on.
I am in a contract race with another buyer for a property in Olney. What can be done to expedite the legal process?
In the event that you are under pressure to complete we would recommend that your lawyer is familiar with the location as they will make use of local contacts and knowledge. It is possible that they could have handled previoushouses in the same neighbourhood. Therefore consider using a Olney conveyancing firm. In addition, make sure that the lawyer is on the lender panel. It is understood that nearly one in five of Olney conveyancing transactions are delayed or derailed after finding out that a purchaser’s solicitor was not on their banks list of approved solicitors. In many cases this discovery resulted in the transaction being frustrated by as much as three weeks. It is believed that this issue impacts in the region of one hundred thousand home moves every year. Almost all Olney conveyancing practices can not act for certain mortgage companies so do check as early as possible.
My stepmother pointed out to me me that in purchasing a property in Olney there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Olney which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Olney should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Does a directory service exist listing Virgin Money panel conveyancers in Olney on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings available over the internet. Where you are looking for a Olney conveyancer on the Virgin Money please make the most of our tool.
The formalities of my remortgage has taken place for my property in Olney. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I used Action Conveyancing several years past for my conveyancing in Olney. I now require my file however cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Olney of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am purchasing my first flat in Olney benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my lawyer about the side-deal as it will affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I am attracted to a couple of flats in Olney both have approximately fifty years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Leasehold Conveyancing in Olney - Sample of Questions you should consider Prior to buying
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How long is the Lease? The prefered form of lease structure is a share of the freehold. In this scenario the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently employed if it is bigger than a house conversion, the managing agent retained by the leaseholders. This information is helpful as a) areas may result in problems in the building as the common areas may begin to deteriorate if services are not paid for b) if the leaseholders have a dispute with the running of the building you will wish to have full disclosure