We are about to exchange contracts for a freehold house in Osterley Park. We have hit a problem. The loan offer with Bank of Scotland expires on 9/7/2025 but the owners are suggesting a completion date of 11/7/2025. Is it possible to prolong the loan expiry date?
The best person to address this issue is your solicitors who will hopefully calculate whether he or she is should be discussing with the mortgage company, owner’s representatives, property agents or conceivably all three based on the circumstances your transaction to date.
I purchased a freehold premises in Osterley Park but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Osterley Park and has limited impact for conveyancing in Osterley Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
When it comes to mortgage companies such as Kent Reliance, do Osterley Park conveyancers have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
is it true that all Osterley Park solicitor firms on the Nottingham conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nottingham approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel in which case such firms would be overseen by the CLC.
I have decided to exercise my right to buy my property in Osterley Park off the council. I have a mortgage offer with UBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
How does conveyancing in Osterley Park differ for new build properties?
Most buyers of new build residence in Osterley Park come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Osterley Park typically purchase the site, 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 property lawyers 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 Osterley Park or who has acted in the same development.
Do I need to be suspicious by estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Osterley Park conveyancing practice?
As is the case with lots of service providers, often referrals from relatives can be worth their weight in gold. Nevertheless there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all recommend lawyers to use. On occasion these lawyers might be known to one of the organisations as being good in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are free to choose your own lawyer. However, bear in mind that the majority of lenders specify a panel list of lawyers you must use for the mortgage aspect of your transaction.
My husband and I are first time buyers - had an offer accepted, yet the property agent told us that the vendor will only go ahead if we instruct their chosen conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Osterley Park
It is highly unlikely the vendors are driving this. If they desire ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and make the point that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your own,trusted Osterley Park conveyancing firm - not the ones that will provide their negotiator at the agency a kickback or meet his conveyancing thresholds pre-set by head office.