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Find a Oldbury Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Oldbury? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Oldbury transaction at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Oldbury conveyancers for over 130 lenders.


Recently asked questions about conveyancing in Oldbury

My husband and I are purchasing a 2 bedroom apartment in Oldbury with a mortgage. We would like to retain our Oldbury lawyer, however the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel solicitors or retain our Oldbury conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to demand that the bank use our Oldbury property lawyer ?

No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Oldbury conveyancing lawyer to apply to be on the conveyancing panel.

Our conveyancer has identified a a problem with the lease for the apartment we are purchasing in Oldbury. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must check that the lender is content with this solution. Who is the client here, us or the mortgage company ?

The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.

Will my solicitor be making enquiries concerning flooding during the conveyancing in Oldbury.

Flooding is a growing risk for lawyers specialising in conveyancing in Oldbury. Plenty of people will acquire a house in Oldbury, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.

Lawyers are not qualified to impart advice on flood risk, but there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Oldbury. The conventional set of information supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to discover whether the premises has historically flooded. If flooding has previously occurred which is not notified by the seller, then a buyer may bring a compensation claim resulting from an misleading answer. A purchaser’s conveyancers should also carry out an enviro search. This will indicate if there is a recorded flood risk. If so, more detailed investigations should be initiated.

Just acquired a detached house in Oldbury , how long should it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Oldbury conveyancing solicitor works at snail pace, so I want to check that my name is recorded.

There is nothing unique when it comes to conveyancing in Oldbury registration formalities. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether it is in order and whether the Land registry need to notify any 3rd persons or bodies. As of today roughly three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be longer delays. Historically registration occurs once the purchaser is living at the premises so an expedited registration is not usually primary concern but where there is a degree of urgency associated with the registration then you or your solicitor must contact the land registry and explain the circumstances.

Do you have any top tips for leasehold conveyancing in Oldbury from the perspective of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Oldbury can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ conveyancers.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Many landlords or managing agents in Oldbury levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Oldbury. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Oldbury leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the approvals to hand do not contact the landlord without contacting your solicitor before hand.

I own a garden flat in Oldbury, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Oldbury with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2101

You have 77 years remaining on your lease the likely cost is going to span between £7,600 and £8,800 as well as legals.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues 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 before seeking the advice of a professional.

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