I am considering applying for a Nottingham mortgage for purchase of a new build (under development) in South Oxhey with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Nottingham ?
In theory, you could use a solicitor that is not on the Nottingham conveyancing panel, but Nottingham would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in South Oxhey. Do I receive the keys to the property on the completion date from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in South Oxhey?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you will be able to pick up the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
When it comes to lenders such as UBS, do South Oxhey solicitors face an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I can not work out if my bank requires a lease extension. I have called into my local South Oxhey bank branch on a couple of occasions and was advised it wasn't an issue and they will lend. My South Oxhey conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company panel, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
What can a local search inform me regarding the property we're buying in South Oxhey?
South Oxhey conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations for instance Xpress Legal The local search plays a central part in many a South Oxhey conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will provide information on, amongst other things, details on planning applications relevant 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 13 topic headings.
I own a semi-detached Edwardian house in South Oxhey. Conveyancing solicitor represented me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the exact same property. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in South Oxhey and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing solicitor who completed the work.
I decided to have a survey done on a property in South Oxhey before appointing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies may not grant a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in South Oxhey. Conveyancing will be smoother if you use a solicitor in South Oxhey especially if they are accustomed to such properties in South Oxhey.
I am a negotiator for a busy estate agent office in South Oxhey where we have experienced a few flat sales put at risk due to short leases. I have received conflicting advice from local South Oxhey conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 has to be done prior to, or simultaneously with completion of the sale.
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 purchaser.
I am the proprietor of a first floor flat in South Oxhey. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Absolutely. We can put you in touch with a South Oxhey conveyancing firm who can help.
An example of a Lease Extension case for a South Oxhey property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The unexpired lease term was 71 years.