I have just started taking steps with a view to porting my domestic loan to a BTL Britannia mortgage. I have been informed by my broker that I need a solicitor for this. I spoke to my previous Looe conveyancing solicitor who acted on my behalf when I previously bought the property. The fee calculation e-mailed to me of just over five hundred pounds has taken me by surprise as I am not require purchase conveyancing - it’s just a straightforward remortgage.
The estimate does seem a little steep. If you you were to look around you may be able to decrease the fees marginally by perhaps £100 plus VAT. That being said, if you were pleased with the legal work the firm offered you couldlive to rue opting for an an unknown lawyer. Don't forget to check the solicitor can also act for Britannia. Do employ our search tool to choose a Looe conveyancing firm on the Britannia member panel, which can often include conveyancing solicitors in Looe.
My husband and I are only a couple days away from an exchange on a property in Looe and my mum and dad have sent the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The property lawyer is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Looe? Why is this being asked of me?
Looe conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill no older than three months).
Proof of source of monies is also required in compliance with the money laundering laws as solicitors have a duty to check that the money you are using to purchase a property (be it the exchange deposit or the total purchase monies where you are a cash purchaser) has originated from an acceptable source (such as employment savings) and is not the fruits of criminal behaviour.
I am selling my flat in Looe. Will my property lawyer have to be required to be on the Barclays conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
three months have elapsed since my purchase conveyancing in Looe completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 asset 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.
We are expecting to complete buying a property in Looe but as a result of damage from the recent storms I have agreed recompense from the owner of £2k by way of a deduction in the price. This was going to be addressed as part of the conveyancing process yet the mortgage company will not permit this. Should they have been informed?
The solicitor listed on a bank conveyancing panel is obliged to disclose to the lender of any variations to the purchase amount. In the event that you did not allow your conveyancer to notify the reduction to your lender then they would have no choice but to disinstructing themselves from acting for you and the bank.