I am obtaining a mortgage offer from Nat West. I intend to retain the legal services of a Licensed Conveyancer in Oakdale. Does the Nat West Solicitor panel allow for Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
How up to date is your database of Oakdale solicitors on the HSBC conveyancing panel? Do HSBC send you an updated list?
Oakdale conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
I have 71 years unexpired on my lease and need a lease extension for my flat in Oakdale. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/4/2019 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Oakdale is where the house is located. Can you shed any light on this issue?
Flying freeholds in Oakdale are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Oakdale you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oakdale 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 property.
If all goes to plan we aim to complete the sale of our £350,000 maisonette in Oakdale in just under a week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Oakdale?
For most leasehold sales in Oakdale conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Addressing conveyancing due diligence questions
Where consent is required before sale in Oakdale
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Oakdale - Sample of Queries Prior to buying
Please note if it is less than 80 years it will impact the salability of the apartment. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the residence for a couple of years before you are legally able to carry out a lease extension. Most Oakdale leasehold properties will have a service bill for maintenance of the block levied by the landlord. If you purchase the apartment you will have to pay this amount, usually in instalments during the year. This may vary from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a ground rent for you to pay annual, this is usually not a large amount, say approximately £50-£100 but you should to check it because sometimes it can be prohibitively expensive. How is the lease structured?