We are about to sign contracts for a semi detached house in Olney. We encountered a stumbling block. The loan offer with runs out on but the owners are insisting on a completion date of . Is it possible to extend the loan offer?
The best person to deal with your concern is your conveyancer who is in a position to calculate if they corresponding with the bank, vendor’s representatives, estate agents or possibly all three based on the history of your conveyancing to date.
I own a freehold property in Olney but still pay rent, why is this and what is this?
It’s unusual for properties in Olney and has limited impact for conveyancing in Olney but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Does a directory service exist listing panel solicitors in Olney on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings viewable over the internet. If you are seeking to appoint a Olney on the please use our facility.
Is it the case that all Olney solicitor firms on the conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in such a situation the organisation would be regulated by the Council of Licensed Conveyancers.
We expect to receive a OIP from this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do recommend any Olney solicitors on the conveyancing panel, or is it better to go independently?
You will need to appoint Olney solicitors independently although you'll need to choose one on the conveyancing panel. The solicitor represents both you and through the process.
My wife and I own a terraced Edwardian property in Olney. Conveyancing lawyer represented me and . I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the exact same address. Is it worth asking to clarify?
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 Olney and other locations in 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 purchasers. You can also check the position with your conveyancing practitioner who completed the work.
I decided to have a survey carried out on a property in Olney before retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some lenders will refuse to issue a loan on such a home.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Olney. Conveyancing will be smoother if you use a solicitor in Olney especially if they are familiar with such properties in Olney.