Me and my husband are buying residence in Oadby. My Conveyancer has never been on on the mortgage company approved list. Is it possible for me to appoint my Oadby conveyancing solicitor notwithstanding that they are not on the bank list of approved lawyers?

One must instruct a property lawyer to deal with the legal work required when you take out a mortgage to buy your home. The conveyancer will carry out all the relevant due diligence on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage paperwork is in order. You may select a Oadby lawyer of your choice. However, if the solicitor selected is not on the bank approved list supplemental charges will be levied as separate legal representation will be need by the lender. Bank panel applications can be submitted, so where your solicitor has not in the past applied for membership they can do so.

Have just purchased a probate house at auction in Oadby. Conveyancing is needed. What is next?

Now that you are legally bound yourself to purchase you now have to appoint a conveyancing lawyer as a matter of urgency as you now have a pending a fixed date to complete the conveyancing. All auction property will have a bespoke legal set of papers. This will likely include most,if not all of the documents that your solicitor requires. In the case of leasehold premises the conveyancing pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You should give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that you have funds in place to complete on the date specified in the contract.

My stepmother advised me that in buying a property in Oadby there may be various restrictions preventing external changes to the property. Is this right?

We are aware of a number of properties in Oadby which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Oadby should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

The mortgage over my property is with Lloyds for my property in Oadby. Conveyancing has been completed months 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 BTL mortgage or inform Lloyds?

Lloyds must be informed of your intention prior to letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies 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 Lloyds directly. You need not do this via a Lloyds conveyancing panel firm.

I'm buying my first flat in Oadby with a loan from Clydesdale. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about this side-deal as it may affect my loan with the lender. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am 14 days into a freehold purchase having been directed to a firm by the local agent to handle our conveyancing in Oadby. I am am very dissatisfied with the quality of service. Could you you assist me in finding new solicitors?

They would have to be really bad to suggest replacing them. Has your mortgage offer been issued? If so you need to advise them of the new contact details and get the loan are re-issued. Your solicitor ideally needs to be on the mortgage company approved list to avoid supplemental charges and frustration. That should be your starting point. Our search tool will assist you in finding a lender approved lawyer for your conveyancing in Oadby

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Oadby. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Oadby are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Oadby in which case you should be shopping around for a Oadby conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.

I invested in buying a 1st floor flat in Oadby, conveyancing was carried out in 2001. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Oadby with a long lease are worth £191,000. The ground rent is £55 per annum. The lease finishes on 21st October 2077

With just 53 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.