I am purchasing a leasehold flat in Ottershaw. My Conveyancer is not on the lender approved list. Can I still continue with my Ottershaw conveyancing solicitor notwithstanding that they are not on the lender approved list?
You have a couple of choices open to you here
- Proceed with your chosen Ottershaw lawyer but your bank will no doubt appoint a conveyancer from their approved panel. This will result in additional cost together with likely frustration.
- Get a fresh solicitor to act in the purchase, obviously checking they are on the mortgage company conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to join the mortgage company panel of solicitors
I had intended to instruct a conveyancing solicitor in Ottershaw for our home move. Our financial adviser informed us that our bank The Mortgage Works won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Ottershaw conveyancing firms would have been on many mortgage company panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms relating to their operations and their employees as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Ottershaw conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Ottershaw is one of the thousands of locations where the lawyers we recommend are members of the panel for The Mortgage Works.
I have been on the look out for a flat up to £305k and identified one round the corner in Ottershaw I like with amenity areas and railway links in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Ottershaw in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I am looking into buying my first house which is in Ottershaw and I am already nervous. I couldn't find anything specific about Ottershaw. Conveyancing will be needed in due course but do you know about the Ottershaw area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Ottershaw. In the meantime here are some basic statistics that we found
Do you have any advice for leasehold conveyancing in Ottershaw from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Ottershaw can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers. If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Obtaining a replacement share certificate can be a lengthy formality and frustrates many a Ottershaw home move. Where a reissued share certificate is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
Ottershaw Conveyancing for Leasehold Flats - Sample of Queries before buying
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What is the name of the managing agents? If a Ottershaw lease has less than 80 years it will have adverse implications on the value of the property. Check with your mortgage company that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have been the owner of the premises for a couple of years before you are eligible to carry out a lease extension. Can you inform me if there are any major works on the horizon that will likely add a premium to the service fees?
When it comes to my conveyancing in Ottershaw should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Ottershaw conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.