We instructed a high street solicitor for my conveyancing in Oldham recently. Reviewing the small print I notewe are responsible for costs even if the sale doesn't happen. Would I be best advised to select a web based solicitor practice offering no move no charge conveyancing in Oldham?
It is usually ‘give and take’ in that if "No Sale No Fee" is available then the fee levels will tend to be be uplifted to offset the conveyances that abort. Also remember that these promotions rarely cover outlay by way of example Oldham conveyancing search fees.
We are approaching an exchange on a property in Oldham and my mum and dad have transferred the 10% deposit to my property lawyer. I am now informed that as the deposit has not come from me my lawyer needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is legally required to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front when it comes to conveyancing in Oldham?
If you are buying a property in Oldham your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the Local Authority Search. When the down payment is payable against the purchase price then this should be asked for shortly prior to contracts are exchanged. The closing balance that is due should be sent to your lawyer shortly before completion.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Oldham I like with open areas and transport links in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Oldham for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
My husband and I are FTB’s - agreed a price, yet the estate agent informed us that the vendor will only move forward if we instruct their recommended solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Oldham
It is highly unlikely the vendors are driving this. Should the vendor want ‘a quick sale', turning down a motivated purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you wish to move quickly (e)but you intend to instruct your preferred Oldham conveyancing firm - not the ones that will provide their estate agent a commission or hit his conveyancing targets demanded by HQ.