I am in the throes of changing my domestic home loan to a BTL Virgin Money mortgage. The bank has said that I must appoint a solicitor as part of the process. I had a chat my past Clapham and Salph End conveyancing practitioner who dealt with the legals when I originally bought the premises. The costs illustration issued of £470 is surprising as its a refinance than a sale or purchase.
The estimate does seem a tad steep. If you shop around you could get the conveyancing a bit cheaper by perhaps £125. That being said, if you were satisfied with the assistance the firm gave you couldcome to rue choosing an a cheaper conveyancer. Don't forget to check the conveyancer can also act for Virgin Money. You can employ our search tool to select a Clapham and Salph End conveyancing firm on the Virgin Money conveyancing panel, which can often include conveyancing solicitors in Clapham and Salph End.
In what way does my ID and proof of funds have anything to do with my conveyancing in Clapham and Salph End? Is this really necessary?
In order to comply with Money Laundering Regulations any Clapham and Salph End conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to validate not only the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
I am purchasing a property in Clapham and Salph End. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
As you are obtaining a mortgage with Yorkshire BS your lawyer must comply with the formal instructions contained in Section two of UK Finance Lenders’ Handbook for Yorkshire BS. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Yorkshire BS where a lease fails to comply with these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Clapham and Salph End.
After shopping around on the internet I have found a Clapham and Salph End lawyer having checked that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Clapham and Salph End surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Our sealed bid on a semi in Clapham and Salph End has been agreed to, the sellers do nevertheless have an associated purchase. The owners have offered on a property, but it’s not yet tied up, and have viewings of other properties booked. I have chosen a local conveyancing solicitor in Clapham and Salph End. What do I do now? At what point should I apply for the mortgage with Virgin Money?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx one thousand pounds, then survey, Clapham and Salph End conveyancing search costs, etc). First, you should ensure that your property lawyer is on the Virgin Money conveyancing panel. Regarding the subsequent steps this very much depends on the circumstances of your transaction, attraction to this property and on the state of the market. During a rising market many home buyers would apply for the mortgage with Virgin Money and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
It has been five months since my purchase conveyancing in Clapham and Salph End completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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 buying my first flat in Clapham and Salph End with the aid of help to buy. The builders refused to reduce the amount so I negotiated £7000 of extras instead. The estate agent told me not disclose to my lawyer about the extras as it may impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Is it simple use the search facility to locate a conveyancing solicitor in Clapham and Salph End on the panel for my lender?
First pick a bank such as HSBC Bank, The Mortgage Works or Aldermore then specify your location e.g. Clapham and Salph End. Conveyancing organisations in Clapham and Salph End and beyond will then be identified.