My family solicitor has given a fee estimate £1350 for no sale no fee conveyancing in Oxford. I am looking to sell a Edwardian property for £225,000. This sounds over the top. Is it in excess of the norm for conveyancing in Oxford?
The charges are a tad high. Where you are happy to invest time contrasting fee on a like for like basis you may be able to reduce the fees marginally by as much as £100 plus VAT. That being said, you couldlive to regret choosing an an unknown solicitor. Don't forget to enquire the conveyancer can represent your mortgage company. Do utilise our search tool to select a Oxford conveyancing company on the banks conveyancing panel which can often include conveyancing solicitors in Oxford.
4 months have elapsed following my purchase conveyancing in Oxford took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 property 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.
I'm purchasing my first flat in Oxford benefiting from help to buy. The sellers refused to budge the price so I negotiated £7000 of extras instead. The house builders rep advised me not inform my solicitor about this side-deal as it could put at risk my loan with Coventry Building Society. Should I keep quiet?.
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.
Due to the input of my in-laws I had a survey completed on a property in Oxford in advance of instructing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies will refuse to grant a mortgage on such a premises.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Oxford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Oxford to see if the conveyancing costs will increase in light of this.
I am attracted to a couple of apartments in Oxford both have in the region of forty five years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Oxford is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Oxford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Oxford Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
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Best to be warned whether redecorating or some other significant cost is coming up to be shared between the tenants and will dramatically impact the level of the service charges or necessitate a specific payment. How much is the ground rent and service charge? Does the lease contain onerous restrictions?
New build sellers have recommended to me a solicitor and I've sought a quote from them. It's almost two hundred pounds cheaper than my local Oxford property lawyer. What's the catch?
Builders frequently have lists of conveyancing practitioners who are quick and who know the builder's paperwork and conveyancer. Plenty of developers offer an inducement to choose a preferred lawyer for this reason, any increased fees can be avoided and a developer will not suggest a conveyancing factory and run the risk of having the conveyancing delayed when they require an exchange in 28 days. A counter-argument for not agreeing to use the suggested lawyer is that they may be reluctant to 'push' your interests for fear of upsetting the sellers. Where you have concerns that this may be the case you should keep with your local Oxford property lawyer.