My husband and I are getting closer to an exchange on a flat in Oxford and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is duty bound to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold house in Oxford but nevertheless pay rent, why is this and what is this?
It is rare for properties in Oxford and has limited impact for conveyancing in Oxford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I used Arc property Solicitors a few years past for my conveyancing in Oxford. I now require my papers but cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Oxford of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Oxford I like with amenity areas and station nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Oxford in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I'm refinancing my primary house to a BTL loan with Skipton Building Society and intend to use the remaining equity towards a second property. The location we are looking at is Oxford. Will your conveyancers be able to act for the two banks and link together the two deals?
Do use our search tool on this page to be sure that the solicitors are on the appropriate lender panels. Having checked that they are the lawyer will be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and specify your desired outcome and needs.
Completion is due on the disposal of our £250,000 flat in Oxford next week. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Oxford?
Oxford conveyancing on leasehold maisonettes normally involves the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to address such questions most will be willing to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
Oxford Conveyancing for Leasehold Flats - Sample of Queries before buying
-
Does the lease contain onerous restrictions? The majority of Oxford leasehold flats will have a service bill for the upkeep of the block invoiced by the management company. Where you buy the flat you will have to pay this charge, usually periodically accross the year. This could differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge to be met annual, ordinarily this is not a significant figure, say approximately £25-£75 but you need to check it because occasionally it could be surprisingly expensive. Are any of leasehold owners in arrears of their service charge payments?