I am in the throes of changing my domestic mortgage to a Buy to Let Accord Mortgages Ltd mortgage. I have been informed by my broker that I must appoint a lawyer as part of the process. I spoke to my past Box conveyancing solicitor who who completed the conveyancing when I previously acquired the property. The quote provided of £500 is surprising as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The estimate fees are a little high. If you are prepared to spend time contrasting charges you could reduce the fees slightly by perhaps £100 plus VAT. That being said, if you were content with the assistance the firm gave you couldcome to regret choosing an an unknown solicitor. If is important to ensure the solicitor can also act for Accord Mortgages Ltd. Do utilise our search tool to find a Box conveyancing firm on the Accord Mortgages Ltd approved list of lawyers, which can often include conveyancing solicitors in Box.
I am currently in the process of buying my council flat in Box. I have a mortgage agreed with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
The mortgage over my property is with Coventry BS for my property in Box. Conveyancing has been completed some time 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 Coventry BS?
You must advise Coventry BS prior to renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies 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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel lawyer.
Nationwide have agreed my home loan in principle, my bid on a property in Box has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (make sure the lawyers are on the lender’s panel). Call up Nationwide or the financial adviser and finalise any outstanding paperwork. Nationwide will appoint a valuer who will get in touch with the estate agent or owners to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Nationwide will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Box.
Will our lawyer be asking questions concerning flooding as part of the conveyancing in Box.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Box. There are those who purchase a property in Box, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, but there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Box. The standard property information forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual question of the seller to discover if the premises has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a purchaser could issue a legal claim for losses as a result of such an inaccurate answer. A purchaser’s solicitors will also conduct an enviro search. This will disclose whether there is a recorded flood risk. If so, additional investigations will need to be carried out.
It has been 2 months since my purchase conveyancing in Box completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Box with a mortgage from The Royal Bank of Scotland. The builders refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not to tell my solicitor about this extras as it will adversely affect my mortgage with The Royal Bank of Scotland. Should I keep quiet?.
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 CML website. CML 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.
Should I stop my mortgage payments with Barclays as soon as a completion date for my home sale in Box has been agreed?
No, you must keep paying any mortgage payments to Barclays pending the mortgage being discharged on completion as part of your Box conveyancing.