My best friend’s dad is a property lawyer. I anticipate that I'll be able to get preferential rates for conveyancing, but if not, what level of figure would I typically be looking at for conveyancing in Oval?
It’s wise to request 3 or more like-for-like conveyancing estimates. Make use of our comparison tool on this site. Whilst fees will vary but service levels do differ between solicitors as is the case with the vast majority of professional services.
What does my ID and proof of funds have anything to do with my conveyancing in Oval? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms and Conditions that you need to sign will no doubt reaffirm this. Your lender will also require certain documents to be viewed. Should you are unwilling to provide ID verification documents, your lawyer can not take you on as a client.
My partner and I are in the process of looking at flats in Oval and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a mortgage with Santander.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are seeking a mortgage with Santander, ask your prospective lawyers if they are on the Santander conveyancing panel otherwise they can't do the mortgage legal work.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Oval conveyancer on the Coventry BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS 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 Coventry BS mortgage from the register. Coventry BS, 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 Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Oval bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Oval conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in Oval differ for newly converted properties?
Most buyers of new build property in Oval contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Oval typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Oval or who has acted in the same development.
Are all Oval legal practices on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your local bank branch in Oval. Chances are that they will know some good conveyancing solicitors in Oval