Our lawyer has uncovered a defect with the lease for the flat we are purchasing in Oxford. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the bank is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner 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 mortgage company 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 conveyancer will have no choice but to discontinue acting for you.
How do I find out if the solicitor handling my conveyancing in Oxford is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Barnsley Building Society thus spending £192.00 in additional conveyancing charges.
Feel free to make use of the find a conveyancing panel solicitor tool on this web page. Pick the lender and type ‘Oxford’ or your preferred area and you will discover numerous solicitors offices in Oxford or nearest you.
My wife and I have a semi-detached Victorian house in Oxford. Conveyancing practitioner acted for me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Oxford and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing solicitor who conducted the purchase.
As co-executor for the estate of my aunt I am disposing of a residence in Neath but live in Oxford. My solicitor (based 235 kilometers awayneeds me to sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing solicitor in Oxford to attest this legal document for me?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or solicitor will suffice regardless of whether they are Oxford based
Two months into buying a residence in Oxford. Conveyancing lawyer has phoned to say the property is "Leasehold". Does this adversely affect the salability of the house?
Oxford conveyancing does not usually involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it’s unlikely to affect the saleability significantly.
On the flip side, if it's, say, Sixty years it will have a significant effect on the saleability, and most likely wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be specified in the lease to be supplied to your lawyer.