My partner and I are purchasing a brand new duplex in Oakham and my solicitor is telling me that she is duty bound to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to exchange and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My grandmother passed away last year and as sole heir and executor I was left the property in Oakham. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Kent Reliance, pay off the mortgage. Is this possible?
Given you plan to re-mortgage then Kent Reliance will insist on your using a conveyancer on the Kent Reliance conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Kent Reliance conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Kent Reliance mortgage is registered as a charge at the Land Registry.
We are buying a property in Oakham. It might be a silly question but how we can trust a conveyancer? On the day of competition we will need to deposit money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am purchasing a end of terrace house in Oakham. Our aim is to convert the garage to an office at the property.Will legal investigations on the property include checks to see if these works are prohibited?
Your conveyancer should review the deeds as conveyancing in Oakham will occasionally reveal restrictions in the title deeds which prevent categories of alterations or require the permission of another owner. Some works call for local authority planning permissions and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these things with a surveyor before you commit yourself to a purchase.
My wife and I are at the point of looking at houses in Oakham and I am now considering a potential offer. Should I already have a lawyer in place at this point? I will be getting a mortgage with UBS.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are getting a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Oakham differ for new build properties?
Most buyers of new build property in Oakham contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Oakham tend to purchase the real estate, 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 conveyancers 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 Oakham or who has acted in the same development.
I decided to have a survey done on a property in Oakham ahead of instructing lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders may not give a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Oakham. Conveyancing may be slightly more expensive based on your lender's requirements.