Completed the sale of my flat in Oakdale last May but the buyer keeps calling daily to say his lawyer is waiting to hear from mine. What are the post completion sale legalities now that I have sold?
Post completion of your sale your lawyer should forward the transfer deeds and all additional paperwork to the purchaser's conveyancer. Where relevant, your conveyancer should also confirm that the mortgage has been discharged to the buyers lawyers. There is unlikely to be post completion formalities unique to conveyancing in Oakdale.
We expect to receive a OIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Oakdale solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Oakdale solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Oakdale conveyancer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society 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 Leeds Building Society mortgage from the register. Leeds Building Society, 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 Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
It is not clear whether my mortgage offer requires a lease extension. I have called my Oakdale building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Oakdale conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
Your conveyancer has to follow the CML Handbook Part 2 specifications 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should my conveyancer be raising questions concerning flooding as part of the conveyancing in Oakdale.
Flooding is a growing risk for lawyers specialising in conveyancing in Oakdale. There are those who acquire a property in Oakdale, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or by their conveyancers which will give them a better appreciation of the risks in Oakdale. The conventional set of property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to determine if the premises has ever been flooded. If the premises has been flooded in past and is not revealed by the vendor, then a purchaser may issue a compensation claim as a result of such an incorrect response. The buyer’s conveyancers may also carry out an enviro report. This will reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
In surfing the web for the words on line conveyancing in Oakdale it reveals numerous solicitorsin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for me?
The ideal way of choosing a suitable conveyancer is through a trusted recommendation, so ask friends and relatives who have bought a property in Oakdale or a reputable estate agent or mortgage broker. Fees for conveyancing in Oakdale vary, so it's advisable to obtain at least four fee estimates from different property lawyers. Make sure that you know what costs in the quote includes.
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Oakdale. I now wish to extend my lease but my landlord is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have used your best endeavours to locate the freeholder. For most situations an enquiry agent may be useful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Oakdale.
I bought a leasehold flat in Oakdale, conveyancing was carried out February 2006. Can you work out an approximate cost of a lease extension? Corresponding properties in Oakdale with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease expires on 21st October 2079
With only 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional 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.