The Bedminster conveyancing firm handling our Bedminster conveyancing has spotted a difference between the surveyor’s assumptions in the valuation survey and what is in the title deeds. My solicitor says that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Can you explain why leasehold purchase conveyancing in Bedminster is more expensive?
Bedminster leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have today made my last payment due on my mortgage with UBS. I assume I don't need a Bedminster conveyancing practitioner on the UBS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your UBS 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 UBS mortgage from the register. UBS, 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 UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
The mortgage over my property is with Co-operative for my property in Bedminster. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
You must advise Co-operative prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel lawyer.
HSBC have agreed my home loan in principle, my bid on a flat in Bedminster has been agreed to, now what?
Your property agent will want to be informed of your conveyancer's details (make sure the conveyancers are on the bank’s panel). Call up HSBC or the financial adviser and complete any appropriate paperwork. HSBC will instruct a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes about a fortnight to get a mortgage offer. HSBC will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bedminster.
How does conveyancing in Bedminster differ for newly converted properties?
Most buyers of new build premises in Bedminster come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Bedminster typically buy the land, 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 conveyancing solicitors 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 Bedminster or who has acted in the same development.
I am downsizing from my home. My previous solicitors have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Bedminster if that makes things easier.
You should use our search tool to help you find a solicitor for your conveyancing in Bedminster. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
My 20yr old son is about to join the property ladder, the home loan was agreed last week in principle. When the offer was accepted on apartment we called the lender to go forward with his. I was shocked to discover that banks do not accept all property lawyer, they have to be on a list, is this legal?
Lenders tend to restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bedminster conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.