Why is leasehold purchase conveyancing in Oxshott is more expensive?
Oxshott leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My brother-in-law has suggested I instruct a conveyancing solicitor in Oxshott. I I am struggling to find out whether they are on the Birmingham Midshires approved list of lawyers. Can you assist?
The first thing you should do is contact your lawyer and ask them if they are on the lender panel. Otherwise please call Birmingham Midshires who may be able to assist.
When it comes to mortgage companies such as Clydesdale, do Oxshott lawyers face a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Oxshott. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
Given that you are obtaining a mortgage with Co-operative your lawyer must check the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for Co-operative. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Co-operative where a lease does not comply with these conditions. The requirements relate to the installation of panels on properties nationwide and is not isolated to Oxshott.
I had an offer accepted on a property in Oxshott on 3/10/2024, valuation was booked 2 days later, received a clean bill of health. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to Lloyds and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Lloyds conveyancing panel. Are Lloyds entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Oxshott is the location of the property. Is there any advice you can impart?
Flying freeholds in Oxshott are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Oxshott you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oxshott may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I work for a reputable estate agency in Oxshott where we see a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Oxshott conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a ground flat in Oxshott. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Lease Extension decision for a Oxshott premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.
Our solicitor in Oxshott has discovered a a problem with the lease for the property we are buying in Oxshott. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Oxshott conveyancing 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 requirements must be adhered to by the lender conveyancing panel who has to balance acting for you and the mortgage company