I can't travel far from Four Oaks. I would like to know the logic why all Four Oaks property lawyers are not on all bank panels?
Before the recession most banks had an attitude to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into mortgage fraud which concluded: know the property lawyers on your panel. As a result, mortgage companies have subsequently looked to extract more information from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum amount of transactions the mortgage companies insisted on.
I decided to have a survey carried out on a property in Four Oaks prior to appointing lawyers. I have been informed that there is a flying freehold element to the property. My surveyor has said that some mortgage companies tend refuse to grant a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Four Oaks. Conveyancing will be smoother if you use a solicitor in Four Oaks especially if they are accustomed to such properties in Four Oaks.
I am using a search engine for the phrase conveyancing in Four Oaks it brings up many property lawyersin the area. How do I determine which is the right solicitor for purchase transaction?
The best method of finding the right conveyancer is via trusted referral, so ask colleagues and relatives who have bought a property in Four Oaks or a local estate agent or financial adviser. Fees for conveyancing in Four Oaks vary, so it's sensible to request at least three estimates from different conveyancers. Make sure that you clarify what costs in the quote includes.
Jane (my partner) and I may need to let out our Four Oaks ground floor flat for a while due to a career opportunity. We used a Four Oaks conveyancing practice in 2001 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Four Oaks do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I bought a studio flat in Four Oaks, conveyancing formalities finalised October 1996. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Four Oaks with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2080
With just 59 years unexpired the likely cost is going to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my flat purchase in Four Oaks , but I am anxious exchange. Do I have options?
You can agree a lower deposit. Most vendors will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute