Why is leasehold purchase conveyancing in Olney is more expensive?
The conveyancing costs on a leasehold premises in Olney is frequently more expensive than on a freehold transaction. This is because there is an amount of additional work required in corresponding with the landlord and management company to collate the information concerning whether the rent and service fee have been discharged and whether there are any major works due in the near future on repairs or maintenance of the block.
Is there a search tool that I can utilise to find out if the solicitor handling my conveyancing in Olney is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Accord Mortgages Ltd thus spending £175.00 in further legal bill.
You should make the most of the find a conveyancing panel solicitor tool on this web page. Please choose the mortgage company and type ‘Olney’ or your preferred area and you will be presented with numerous solicitors based in Olney or by proximity to you.
My wife and I purchasing a 4 bedroom semi-detached house in Olney. Our aim is to an extension at the rear at the house.Will the conveyancing process include enquiries to ascertain if these works are permitted?
Your solicitor should check the deeds as conveyancing in Olney can sometimes identify restrictions in the title deeds which prohibit categories of changes or need the consent of another owner. Many extensions need local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be prudent to check these things with a surveyor prior to committing yourself to a purchase.
I am the sole recipient of my late father’s estate and I have everything in my name alone, including the my former home in Olney. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the house in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. Most mortgage companies would take a pragmatic view as this provision chiefly exists to identify subsales or the quick reselling of properties.
Is it correct that all Olney CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing panel?
Some major banks and building societies now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
I have todaybeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Olney for a purchase of a freehold house 12 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The easiest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Olney conveyancing specialists.
Our solicitor in Olney has identified a defect with the lease for the property we are purchasing in Olney. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.