I'm the only beneficiary of my late mum's estate with all property in now in my sole name, including the house in Oxford. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the property in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. Some mortgage companies would take a pragmatic view as this clause is chiefly there to pick up on subsales or the quick reselling of properties.
The mortgage over my property is with TSB for my property in Oxford. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
TSB must be informed of your intention before letting out your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel solicitor.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Oxford building society branch on various occasions and was told they are content with the situation and they would lend. My Oxford conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the lawyer is on the lender approved list, they must comply with the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
We are buying a property and the conveyancer has referenced Chancel Repair for which the property may be obligated to pay as it falls into the area of such a church. He has mentioned insurance. Is this strictly required for conveyancing in Oxford
Unless a previous acquisition of the premises took place after 12 October 2013 you could take it that conveyancing practitioners handling conveyancing in Oxford to remain recommending a chancel search and or insurance against a claim.
four months have gone by following my purchase conveyancing in Oxford concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 premises 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.
How does conveyancing in Oxford differ for new build properties?
Most buyers of new build or newly converted property in Oxford approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Oxford usually buy the land, 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 Oxford or who has acted in the same development.
I am using a search engine for the term conveyancing in Oxford it reveals numerous solicitorsin the vicinity. How do I determine which is the suitable solicitor for me?
The best method of seeking a suitable conveyancer is via personal recommendation, so enquire of friends and those you trust who have purchased a property in Oxford or the respected estate agent or financial adviser. Costs for conveyancing in Oxford vary, so it's advisable to secure at least four fee calculations from different solicitors. Be sure to secure confirmation that the fees are fixed.
What advice can you give us when it comes to finding a Oxford conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Oxford conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Oxford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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If the firm is not ALEP accredited then what is the reason? How experienced is the practice with lease extension legislation?
I invested in buying a 1 bedroom flat in Oxford, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Oxford with an extended lease are worth £202,000. The ground rent is £60 charged once a year. The lease comes to an end on 21st October 2081
You have 57 years remaining on your lease we estimate the premium for your lease extension to span between £28,500 and £33,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.