Our solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Oxford. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. The appropriate lender conditions must be adhered to.
This question may be naive but I am wet behind the ears as a first time purchaser of a two bedroom flat in Oxford. Do I collect the keys to the house on the completion date from my lawyer? If so, I will instruct a local conveyancing solicitor in Oxford?
On the day of completion you will not be required to go to the conveyancers office in Oxford. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you will be invited to receive the keys from the Estate Agents and start moving into the property. Usually this occurs early afternoon.
I have decided to exercise my right to buy my property in Oxford off the council. I have a mortgage agreed with Coventry BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
UBS have agreed my home loan in principle, my bid on a flat in Oxford has been agreed to, what happens next?
The property agent will want to know who your solicitors are (make sure the lawyers are on the bank’s panel). Contact UBS or your financial adviser and complete any outstanding documentation. UBS will instruct a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. UBS will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Oxford.
I completed on my flat on 12 January and my personal details is yet to be registered. Should I be concerned? My conveyancing solicitor in Oxford advises it should be dealt with inside ten days. Are titles in Oxford uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Oxford registration formalities. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether it is in order and whether the Land registry communicate with any other parties. Currently roughly three quarters of such applications are fully dealt with within two weeks but occasionally there can be protracted delays. Registration takes place after the new owner has moved in to the property thus registration formalities is not typically primary concern but where there is a degree of urgency associated with the registration then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying a new build house in Oxford with a loan from Birmingham Midshires. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The property agent told me not to tell my solicitor about this side-deal as it would affect my loan with Birmingham Midshires. 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 UK Finance website. UK Finance 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 guidance of my in-laws I had a survey completed on a property in Oxford before instructing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders may not grant a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help 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.
We are seeking to acquire a repression property in Oxford and the mortgagee in possession demand completion inside a week. Do conveyancing practitioners meet that timeframe? Would it be better to use a high street Oxford firm or an online firm that professes to offer speedy conveyancing?
Visit your Oxford high street. Go in to 3 firms and ask to see a conveyancing solicitor for a quote. Explain your situation and seek assurances on deadlines. Select the one that comes across as most genuine. You need to use a lawyer on the list of conveyancing practitioners approved by your lender.