Can conveyancing in Oakley to be done inside two weeks?
In the event that the seller is applying time constraints for your conveyancing we would recommend that your lawyer is familiar with the location as they will make use of local relationships and knowledge. It is even conceivable that they would have handled previoushouses in the same neighbourhood. Therefore consider using a Oakley conveyancing solicitor. Second, check that the lawyer is on the on the approved list for your mortgage company. It is understood that nearly one in five of Oakley conveyancing transactions are frustrated or jeopardised after finding out that a purchaser’s solicitor was not on their banks list of approved solicitors. This can often result in the conveyancing being held up by as much as 21 days. It is understood that this issue impacts approximately 100,000 home moves every year. Almost all Oakley conveyancing practices can not act for certain mortgage companies so do check as early as possible.
We intend to purchase a newly converted flat in Oakley with a mortgage from Barclays .We would like to retain our Oakley conveyancing solicitor but Barclays informed us his firm is not on their approved list of member firms. It seems we are left with little choice but to instruct a Barclays panel lawyer or retain our preferred solicitor and pay for a Barclays panel lawyer to act for them. This seems very unfair; Can we not simply insist that Barclays use our lawyer?
No, not really. The mortgage issued to you contains various provisions, one of which will be that conveyancers needs to be on the Barclays approved list. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barclays
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Oakley?
There are many recorded licenced Conveyancers in Oakley and Solicitor firms in Oakley offering conveyancing We would stress that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also deal with associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my Oakley building society branch on various occasions and was told they are content with the situation and they would lend. My Oakley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their published requirements. Who do I believe?
As long as the lawyer is on the lender approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Oakley solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Oakley postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Oakley.
How does conveyancing in Oakley differ for new build properties?
Most buyers of new build premises in Oakley come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Oakley usually 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 property lawyers 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 Oakley or who has acted in the same development.
I opted to have a survey carried out on a house in Oakley in advance of instructing solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies will not issue a loan on such a premises.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Oakley. Conveyancing may be slightly more expensive based on your lender's requirements.