I am in the process of selling my house in Summertown and Botley and the estate agent has just called to say that the buyers are changing their solicitor. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Summertown and Botley ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
I have a semi-detached Victorian house in Summertown and Botley. Conveyancing practitioner represented me and Clydesdale. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be 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 Summertown and Botley and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Summertown and Botley differ for newly converted properties?
Most buyers of new build premises in Summertown and Botley approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Summertown and Botley typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Summertown and Botley or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Summertown and Botley I like with amenity areas and station in the vicinity, however it's only got 49 years unexpired on the lease. There is not much else in Summertown and Botley in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I need to find a conveyancing solicitor for my conveyancing in Summertown and Botley. I have land on a web site which appears to be the ideal answer If there is a chance to get all this stuff done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
There are only Fifty years remaining on my lease in Summertown and Botley. I need to get lease extension but my landlord is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. For most situations an enquiry agent should be helpful to carry out a search and to produce an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Summertown and Botley.
Summertown and Botley Leasehold Conveyancing - Examples of Queries Prior to buying
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It would be wise to discover if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Summertown and Botley. If you like the propertyin Summertown and Botley but your dog can’t live with you then you will be faced hard choice. Its a good idea to find out as much as possible concerning the managing agents as they can either make living at the property much easier or problematic. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the tidiness of the common parts. Ask other tenants whether they are happy with their service. On a final note, investigate as to the dates that the service charges are due to the appropriate party and specifically how they are spending the funds. Plenty Summertown and Botley leasehold properties will be liable to pay a service bill for maintenance of the block invoiced on behalf of the landlord. Where you purchase the apartment you will have to pay this charge, usually periodically during the year. This can differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay annual, ordinarily this is not a significant amount, say around £50-£100 but you should to check it because occasionally it can be many hundreds of pounds.