My husband and I are planning to buy a property in Oswestry and are in fact using a Oswestry conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Alliance & Leicester have this evening contacted us to advise us that they have now hit a problem as our Oswestry solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Oswestry solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a Oswestry conveyancing practitioner on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
The mortgage over my property is with Skipton for my property in Oswestry. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval before letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton 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. You need not do this via a Skipton conveyancing panel solicitor.
At last I have had an offer on a flat in Oswestry agreed to, but there is a chain. The vendors have offered on a flat, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have instructed a local conveyancing solicitor in Oswestry. What should be my next step? At what stage should I apply for the mortgage with Principality?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, Oswestry conveyancing search costs, etc). First, you must ensure that your lawyer is on the Principality approved list. As to the subsequent stages this very much dictated by the circumstances of your transaction, attraction to this property and on the state of the market. During a rising market some buyers would apply for a home loan with Principality and pay for the valuation and only if it was satisfactory would they request their lawyer to press on with searches.
About to purchase a new build flat in Oswestry. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Oswestry
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am in need of some leasehold conveyancing in Oswestry. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Oswestry - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a 1st floor flat in Oswestry, conveyancing formalities finalised August 2012. Can you work out an approximate cost of a lease extension? Equivalent flats in Oswestry with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2077
With only 58 years unexpired we estimate the premium for your lease extension to range between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
What range of conveyancing matters do Oswestry conveyancing firms supply?
On the whole Oswestry conveyancing organisations manage to supply various assistance to domestic and agricultural land proprietors, sellers, first time buyers, landlords and leaseholders including the following:
Private sale conveyancing in Oswestry or nationally
Property purchase conveyancing in Oswestry and also around the country
Complex land law issues Advising in respect of rights of drainage, services, and access (Easements) Registering an unregistered property Help to Buy Conveyancing in Oswestry and in all parts of the country