I have just started taking steps with the aim of changing my current homeowner mortgage to a Buy to Let The Mortgage Works mortgage. The bank has said that I must appoint a lawyer for this. I spoke to my former Bulwell conveyancing firm who dealt with the legals when I previously bought the property. The pricing estimate sent of £550 has taken me by surprise as its a refinance than a sale or purchase.
The estimate does seem a little on the high side. If you you were to look around you could trim some of the cost by perhaps a hundred pounds. On the other hand, assuming were happy with the conveyancing the firm offered you mightlive to regret opting for an a cheaper solicitor. If is important to be sure that the solicitor can also act for The Mortgage Works. Do use our search tool to locate a Bulwell conveyancing firm on the The Mortgage Works member panel, which can often include conveyancing solicitors in Bulwell.
Our solicitor has discovered a a problem with the lease for the property we are buying in Bulwell. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I'm the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in Bulwell. The Bulwell property was put into my name in August. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', meaning my property ownership will be considered the same way as if I'd bought the house in August. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. Most mortgage companies would take a pragmatic view as this requirement is principally there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
When it comes to lenders such as Principality, do Bulwell solicitors incur a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Completion of my purchase has taken place for my property in Bulwell. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I am downsizing from our home in Bulwell and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A local conveyancer would know this is not the case. For the life of me I don't know why the buyers used a national conveyancing firm as opposed to a conveyancing solicitor in Bulwell. Having lived in Bulwell for 4 years we know of no issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Bulwell is the location of the property. Can you offer any opinion?
Flying freeholds in Bulwell are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bulwell you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bulwell may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am downsizing from my house. My former conveyancers has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in Bulwell if that makes a difference.
You should use our search tool to help you find a solicitor for your conveyancing in Bulwell. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.