I'm in the process of transferring my domestic mortgage to a BTL Chelsea Building Society mortgage. I have been informed by my broker that I need a lawyer for this. I spoke to my past Cottingham conveyancing practitioner who acted on my behalf when I originally bought the property. The costs estimate 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 charges are a tad high. If you shop around you might shave off some of the expense by perhaps £100 plus VAT. That being said, if you were satisfied with the conveyancing the firm offered you couldcome to regret choosing an an unknown lawyer. If is important to enquire that the firm can act for Chelsea Building Society. You can use our search tool to locate a Cottingham conveyancing firm on the Chelsea Building Society approved list of lawyers, which can often include conveyancing solicitors in Cottingham.
My husband and I swapping mortgage lender for our penthouse in Cottingham with Nottingham. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Nottingham conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
On the face of it your lawyer has done nothing wrong 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.
Are the BSA planning on creating a searchable register to list practices on the Melton Mowbray Building Society conveyancing panel for instance in Cottingham?
We are not aware of any intention on the part of the BSA to promote such a register.
How does conveyancing in Cottingham differ for new build properties?
Most buyers of new build premises in Cottingham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Cottingham typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Cottingham or who has acted in the same development.
Hoping to buy a property located in Cottingham and I am already nervous. I couldn't find anything specific about Cottingham. Conveyancing will be needed in due course but do you know about the Cottingham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Cottingham. In the meantime here are some basic statistics that we found
I've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Cottingham. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Cottingham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Cottingham in which case you should be shopping around for a Cottingham conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.