Me and my fiance are purchasing a flat in Oxford. My Conveyancer is not listed on the lender approved panel. Is it possible for me to appoint my Oxford conveyancing solicitor notwithstanding that they are not on the bank approved list?
You have a number of options open to you here
- Complete the purchase with your existing Oxford solicitor but your bank will no doubt instruct a conveyancer on their conveyancing panel. This will result in additional cost together with likely frustration.
- Appoint a fresh conveyancing practitioner to conduct the conveyancing, making sure they are on the lender conveyancing panel.
- Appeal to your conveyancer to apply to join the lender panel
What does my ID and proof of funds have anything to do with my conveyancing in Oxford? What am I being asked for?
Oxford conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Proof of source of funds is also necessary in compliance with the money laundering regulations as lawyers are mandated to ensure that the monies you are utilising to purchase a property (be it the exchange deposit or the full purchase monies where you are a cash purchaser) has originated from legitimate source (such as an inheritance) rather than the proceeds of illegitimate behaviour.
What will a local search reveal regarding the house we're purchasing in Oxford?
Oxford conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search plays an important role in most Oxford conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I'm purchasing my first flat in Oxford benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of additionals instead. The sale representative suggested that I not disclose to my solicitor about this deal as it may adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 looking for a leasehold apartment up to £305k and found one close by in Oxford I like with a park and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Oxford for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
My brother is purchasing a basement flat in Oxford. He has received an estimate by the solicitor connected to the selling agents totaling £1300 . It was eight years ago since I sold and purchased a house and the fee was £600. Have fees really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Oxford searches, land registry fees, etc)