Completed the sale of my flat in Bestwood last August yet the purchaser is Skype messaging me to say their conveyancer is waiting to hear from mine. What should have happened now that I have sold?
Following your disposal your conveyancer should forward the transfer documentation and all of the paperwork to the buyer’s lawyers. If applicable, your conveyancer must also confirm that the home loan has been redeemed to the buyers solicitors. There is unlikely to be post completion formalities specific conveyancing in Bestwood.
My home in Bestwood is up for sale and I have accepted an offer. Will my conveyancing practitioner need to be required to be on the Virgin Money conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
Are all Bestwood Conveyancing Quality Solicitors on the Bank of Ireland conveyancing panel?
Some major lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
The mortgage over my property is with RBS for my property in Bestwood. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention in advance of letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel lawyer.
About to purchase house in Bestwood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bestwood property lawyer is on the TSB conveyancing panel.
I'm purchasing my first flat in Bestwood with a loan from Lloyds TSB Bank. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not inform my lawyer about this deal as it will impact my mortgage with Lloyds TSB Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently bought a leasehold property in Bestwood. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a 1 bedroom flat in Bestwood, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Bestwood with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2096
With 70 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
We had our home loan agreed in principle yesterday with our bank. We instructed a reputable conveyancer in Bestwood last week. Today, our financial adviser phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we did not have a clue that the lender had some control over our choice Is this legal?
You are permitted to instruct any property lawyer you prefer to select for your conveyancing in Bestwood but if your mortgage company aren't happy with them you would have to pay additional cost so your bank can retain their own conveyancer too. sometimes it is possible your preferred conveyancing firm to get added to the mortgage company panel. You can use internet search facilities including lenderpanel.com to find a conveyancing solcitor in Bestwood on the lender panel. You can go into your local bank branch in Bestwood. They will know some good conveyancing solicitors in Bestwood on the panel for your lender.