I have just started taking steps with the intention of porting my current residential loan to a Buy to Let The Royal Bank of Scotland mortgage. I have been informed by my broker that I require a lawyer for this. I spoke to my past Brompton conveyancing solicitor who acted on my behalf when I initially acquired the premises. The fee calculation they've given of £450 plus VAT has taken me by surprise as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The estimate does seem a little overpriced. If you shop around you may be able to get the conveyancing a bit cheaper by as much as £125. On the other hand, if you were satisfied with the conveyancing the firm provided you couldlive to rue opting for an a cheaper conveyancer. If is important to enquire that the firm can act for The Royal Bank of Scotland. Do make use of our search tool to select a Brompton conveyancing firm on the The Royal Bank of Scotland member panel, which can often include conveyancing solicitors in Brompton.
My partner and I are refinancing our maisonette in Brompton with Nottingham. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Nottingham conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
The Brompton conveyancing lawyers that I recently instructed on my purchase in Brompton have suddenly closed. I only went with them because I needed a lawyer on the RBS conveyancing panel and my previous Brompton lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Me and my brother own a terraced Edwardian property in Brompton. Conveyancing practitioner represented me and Virgin Money. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the exact same address. Is it worth asking Virgin Money to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Brompton and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing lawyer who conducted the purchase.
I'm purchasing a new build house in Brompton with the aid of help to buy. The sellers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not inform my solicitor about the extras as it will impact my loan with the lender. 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.
I am in the process of buying my first property in Brompton. Conveyancing lawyer has been instructed. The broker advised that a survey is not necessary as the property was only built in 2002.
You would be well advised to commission a Home Buyer's Report. As the property was built more than a decade ago the property will not benefit from a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. They will highlight any obvious problems and suggest additional investigation where appropriate. If there are any indications of problems get a full Building Survey from the beginning.