I have just started taking steps with the aim of transferring my domestic mortgage to a BTL Nationwide Building Society mortgage. I have been informed by my broker that I need a solicitor as part of the process. I had a chat the same Cippenham conveyancing solicitor who acted on my behalf when I originally acquired the premises. The pricing estimate they've given of £450 plus VAT is surprising as its a refinance than a sale or purchase.
The estimate does seem a tad steep. If you shop around you may be able to get the conveyancing a bit cheaper by perhaps a hundred pounds. That being said, if you were satisfied with the legal work the firm gave you mightcome to rue opting for an an unknown conveyancer. Remember to be sure the solicitor can also act for Nationwide Building Society. Do employ our search tool to get a quote a Cippenham conveyancing firm on the Nationwide Building Society conveyancing panel, which can often include conveyancing solicitors in Cippenham.
My husband and I are getting closer to an exchange on a house in Cippenham and my mum and dad have sent the exchange deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The property lawyer is legally required to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I own a freehold residence in Cippenham but still pay rent, why is this and what is this?
It is rare for properties in Cippenham and has limited impact for conveyancing in Cippenham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
What does a local search tell me regarding the property we're buying in Cippenham?
Cippenham conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays an important role in most Cippenham conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Cippenham I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Cippenham for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I'm refinancing my existing property to a BTL mortgage with Barclays and I will use the ballance of the raised equity as a deposit on further house. The area we are looking at is Cippenham. Will your solicitors be able to act for both sets of banks and link together the two deals?
Do use our search tool on this page to check that the lawyers are on the appropriate lender panels. On the basis that they are your lawyer will be able to tie up the two deals but you should have a chat with you conveyancer and make clear your desired outcome and requirements.