I'm in the process of switching my current homeowner mortgage to a BTL Chelsea Building Society mortgage. I have been informed by my broker that I need a lawyer as part of the process. I spoke to my previous Melbourn conveyancing solicitor who acted on my behalf when I first purchased the property. The fee calculation provided of £550 has surprised me as its a remortgage than a sale or purchase.
The quote is fractionally on the steep side. If you you were to look around you could shave off some of the expense by say £100 plus VAT. That being said, assuming were happy with the assistance the firm gave you couldlive to regret opting for an an untested lawyer. Don't forget to check the conveyancer can represent Chelsea Building Society. Do utilise our search tool to find a Melbourn conveyancing firm on the Chelsea Building Society member panel, which can often include conveyancing solicitors in Melbourn.
I am hoping to move into my new home in Melbourn next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not unique to conveyancing in Melbourn.
I happen to be the sole recipient of my late father’s estate with all property in now in my sole name, including the my former home in Melbourn. The Melbourn property was put into my name in December. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs 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. How sensible a view banks take of it, depend on the lender as this obligation is principally there to capture subsales or the quick reselling of property.
Is it the case that all Melbourn CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved solicitors?
A selection of lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
We have agreed to purchase a house in Melbourn. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
Given that your lender is Co-operative your lawyer must follow the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and lawyers are required to report to Co-operative where a lease does not satisfy these specifications. The provisions relate to the installation of panels on properties nationwide and is not limited to Melbourn.
The deeds to our home can not be found. The lawyers who conducted the conveyancing in Melbourn 5 years ago are no longer around. What do I do?
Assuming the title is registered the details of your ownership will be recorded by the Land Registry under a Title Number. It is possible to carry out a search at the Land Registry, locate your house and secure current copies of the property title for a small fee. If the property is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Melbourn I like with open areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Melbourn in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I purchased a flat in Melbourn last 6/11/2024 and to date it is still not recorded with HMLR. It is part of a new estate and my solicitor told me that it can take 12 months to complete the registration formalities. I have called HMLR directly and they say that the initial application was cancelled due to failure to reply to requisitions. What can I do?
It is your conveyancer that you really need to turn to here in order to satisfy any concerns which have arisen as part of the registration formalities for your Melbourn property. Normal Melbourn conveyancing practice includes an undertaking on the part of the previous owner’s lawyer that they will help resolve any question raised by HMLR so it may be a case of seeking to enforce that undertaking if necessary.