The sellers of the property we are purchasing hired a conveyancing firm in Oxford who has recommended a preliminary agreement with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
There are two main drawbacks with signing a lock out agreement (occasionally known as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing process, so unless it requires minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not particularly popular amongst Oxford conveyancing practitioners for this reason. A supplemental concern is the extent of the remedies available - a jilted buyer is extremely unlikely to be granted an injunctive ruling by a court to prohibit the vendor selling to an alternative purchaser, so the only remedy available under the contract will be the recovery of wasted costs and, in limited situations, the extra payment of penalties.
Why is leasehold purchase conveyancing in Oxford costs more?
In summary, leasehold conveyancing in Oxford and Oxfordshire usually necessitates extra work compared to freehold transactions. This includes checking the lease terms, corresponding with the landlord about the service of required notices, procuring current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Oxford. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Nationwide will require that you use a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
Does a directory service exist listing Skipton panel solicitors in Oxford on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association websites. Very few lending institutions make their panel listings viewable over the internet. If you are looking for a Oxford solicitor on the Skipton please use our tool.
I'm in the throws of looking at apartments in Oxford and I am about to put in an offer. Is it best to have my property lawyer on ‘stand by’? I intend to finance via a home loan with Virgin Money.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
Aldermore have agreed my home loan in principle, my bid on a house in Oxford has been agreed to, what happens next?
Your property agent will want to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Call up Aldermore or the broker and finalise any relevant forms. Aldermore will appoint a valuer who will get in contact with the estate agent or owners to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Aldermore will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Oxford.
I have been on the look out for a flat up to £235,500 and found one round the corner in Oxford I like with open areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Oxford for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.