I have just been advised by my mortgage broker that my Aldersgate the law firm I have appointed is not on the bank Conveyancing panel. What can I do to check?
The first thing you need to do is to call your Aldersgate conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they may be able to suggest a Aldersgate conveyancing firm that is on the conveyancing panel for your mortgage company.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Aldersgate. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Leeds Building Society, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then Leeds Building Society will require that you use a conveyancer on the Leeds Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Leeds Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Leeds Building Society mortgage is registered as a charge at the Land Registry.
I am being advised by my conveyancer that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Aldersgate?
The right level of chancel indemnity insurance should be dictated by who your lender. It would differ for example between Nationwide Building Society and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I'm in the process of looking at flats in Aldersgate and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Yorkshire BS.
It would be advisable to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are obtaining a mortgage with Yorkshire BS, make sure you remember to check that your lawyer is on the Yorkshire BS conveyancing panel.
I have paid off my mortgage with Lloyds. I assume I don't need a Aldersgate property lawyer on the Lloyds panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
How does conveyancing in Aldersgate differ for newly converted properties?
Most buyers of new build premises in Aldersgate contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Aldersgate typically buy the real estate, 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 used to new build conveyancing in Aldersgate or who has acted in the same development.
We're first time buyers - agreed a price, yet the estate agent informed us that the vendor will only proceed if we instruct the agent's recommended solicitors as they want a ‘quick sale’. We would rather use a family solicitor accustomed to conveyancing in Aldersgate
We suspect that the owner is not behind this request. Should the seller require ‘a quick sale', alienating a motivated buyer is not the way to achieve this. Try to communicate with the sellers directly and make sure they comprehend that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you will continue to instruct your preferred Aldersgate conveyancing firm - not the ones that will provide the estate agent a referral fee or meet his conveyancing figures pre-set by head office.
My plan is to acquire a ground floor flat in Aldersgate. Conveyancing solicitor is awaiting, from the vendor, building insurance schedule. This afternoon I was advised that the owner must send the insurance paperwork for the flat above in addition. Why would my conveyancer need to check the insurance for the flat above? Is it strictly necessary? We have been stalled for the previous 2 weeks…
It is not unheard of in leasehold conveyancing in Aldersgate to find Conveyancing in Aldersgate in a minority of cases reveals that the lease obliges the leasehold owners to insure their individual flats rather than the landlord insuring the whole premises - which is clearly preferable. You should clarify with your conveyancer but it would appear that your conveyancer is attempting to verify that the entire building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reconstructed for lack of insurance cover.