I am getting a mortgage offer from Santander. I intend to employ the services of a Licensed Conveyancer in Oakwood. Does the Santander Solicitor panel allow for conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My brother and I have lately purchased a property in Oakwood. We have noticed several issues with the property which we consider were omitted in the conveyancing searches. Is there anything we can do? What searches should? have been carried out as part of conveyancing in Oakwood?
The question is not clear as what problems have arisen and if they are unique to conveyancing in Oakwood. Conveyancing searches and due diligence undertaken as part of the legal transfer of property are designed to help avoid problems. As part of the process, the vendor fills in a form known as a SPIF. If the information proves to be incorrect, then you may have a claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Oakwood.
After researching mumsnet.com for a recommended lawyer in Oakwood, most post that I should instruct a CQS assured solicitor. Can you explain what CQS is?
Oakwood Conveyancing Quality Scheme law firms have achieved accreditation by the law Society CQS was brought about to promote high standards in the in the legal transfer of properties. CQS enables buyers and sellers to recognise practices who provide a quality residential conveyancing. Oakwood is one of the many areas in England and Wales in which CQS have offices. The conveyancing scheme obliges practices to undergo a strict assessment, compulsory training, self-certification, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Legal Ombudsman.
Please help - my lawyer advises that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Oakwood?
The appropriate level of flying freehold indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and Leeds Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I currently have a mortgage with Skipton for my property in Oakwood. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
You must advise Skipton prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel firm.
Our offer on a property in Oakwood has been accepted, the sellers do nevertheless have an associated purchase. The sellers have put an offer on on an apartment, however it’s not yet agreed to, and are looking at other properties booked. I have chosen a bricks and mortar conveyancing solicitor in Oakwood. What should be my next step? At what stage do I apply for the mortgage with HSBC?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of £1k, then valuation, Oakwood conveyancing search fees, etc). First, you should ensure that your lawyer is on the HSBC conveyancing panel. Concerning the subsequent stages this very much depends on the uniqueness of your transaction, attraction to the property and on the state of the market. During a buoyant market many home buyers will apply for a home loan with HSBC and pay for the valuation and only if it comes back ok would they request their lawyer to press on with the conveyancing in Oakwood.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Oakwood I like with open areas and railway links nearby, however it's only got 61 years on the lease. There is not much else in Oakwood in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.