Our conveyancer has identified a a problem with the lease for the flat we are buying in Oakhill. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
I am buying a right to buy a flat in Oakhill. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Oakhill you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Oakhill.
How does conveyancing in Oakhill differ for new build properties?
Most buyers of new build premises in Oakhill approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Oakhill tend to buy the site, 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 accustomed to new build conveyancing in Oakhill or who has acted in the same development.
I am looking for a ground for flat up to £245,000 and found one round the corner in Oakhill I like with open areas and transport links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Oakhill suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
How do I search for a Oakhill solicitor on the Bank of Scotland conveyancing panel? I am a keen cyclist and am prepared to travel upto 10miles to meet the solicitor.
Feel free to make use of the search on this page. Please pick a lender and your location and you will see a number of Oakhill conveyancing lawyers locally. We have listed some Oakhill conveyancing firms at the bottom of this page and you can contact them to verify whether they are on the Bank of Scotland member panel