Are the Ouston conveyancing solicitors identified as being on the Virgin Money conveyancing panel, together with their details provided by Virgin Money?
Ouston conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
This question may be naive but I am unexperienced as a 1st time purchaser of a ground floor flat in Ouston. Do I collect the keys to the property on completion from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Ouston?
On the day of completion you do not need to attend the conveyancers office in Ouston. Your solicitors will electronically transfer the completion advance to the seller's solicitors, and once they have received this, you will be invited to collect the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
I have paid off my mortgage with HSBC. I assume I don't need a Ouston lawyer on the HSBC panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC 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 HSBC mortgage from the register. HSBC, 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 HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
The mortgage over my property is with UBS for my property in Ouston. Conveyancing was finalised a year ago. In the event that I decide 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 UBS?
You must advise UBS prior to letting out your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS 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 UBS directly. You need not do this via a UBS conveyancing panel lawyer.
Due to the encouragement of my in-laws I had a survey completed on a property in Ouston prior to appointing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders tend refuse to grant a loan on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ouston. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to choose a Ouston conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can deal with the legal work however his firm is located 300kilometers away.
The primary upside of using a high street Ouston conveyancing practice is that you can visit the firm to execute paperwork, present your ID and apply pressure on them if necessary. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were content that must outweigh using an unknown Ouston conveyancing solicitor solely due to them being Ouston based.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Ouston. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Ouston ?
The majority of houses in Ouston are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Ouston so you should seriously consider shopping around for a Ouston conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.
Ouston Leasehold Conveyancing - Sample of Queries Prior to buying
Where a Ouston lease has no more than 80 years it will affect the salability of the apartment. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably need a lease extension at some point and it is worth discovering how much this would cost. For most Oustonlease extensions you would need to own the residence for a couple of years in order to be entitled to carry out a lease extension. Make sure you find out if the the lease contains any onerous restrictions in the lease. By way of example it is reasonably common in Ouston leases that pets are not permitted in in a block in Ouston. If you like the flatin Ouston but your dog can’t make the move with you then you will be faced difficult choice. Most Ouston leasehold apartments will have a service charge for the upkeep of the building invoiced on behalf of the freeholder. Where you buy the flat you will have to pay this contribution, usually periodically accross the year. This can differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a rentcharge to be met annual, this is usually not a exorbitant sum, say approximately £50-£100 but you need to enquire it because occasionally it could be many hundreds of pounds.