I am in the throes of switching my existing standard loan to a BTL The Mortgage Works mortgage. The bank has said that I must appoint a conveyancer as part of the process. I spoke to my past Monmouthshire conveyancing practitioner who who completed the conveyancing when I initially purchased the house. The costs estimate provided of £550 has surprised me as I am not require purchase conveyancing - it’s just a straightforward remortgage.
The charges seem a little high. Where you are content to invest time scrutinising costs you could decrease the fees marginally by say £100 plus VAT. On the other hand, assuming were satisfied with the assistance the firm gave you maylive to rue choosing an an untested conveyancer. Remember to ensure that the solicitor can represent The Mortgage Works. You can use our search tool to choose a Monmouthshire conveyancing firm on the The Mortgage Works conveyancing panel, which can often include conveyancing solicitors in Monmouthshire.
AssumingI were to acquire a simple residential homein Monmouthshire for cash and have no survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Monmouthshire?
Any savings you would achieve will be limited to the costs for searches. The conveyancing practitioner still be obliged to do everything else - money laundering, correspond with the sellers conveyancer, stamp duty return, register the ownership etc. A slight saving might be made by not needing to register a charge but it won't be significant.
There is lots of information on this site about conveyancing in Monmouthshire but can you isolate your top tip for appointing the right conveyancer in Monmouthshire
It would be unwise to be swayed by the cheapest Monmouthshire conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
When it comes to mortgage companies such as Virgin Money, do Monmouthshire lawyers incur a fee to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Monmouthshire bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Monmouthshire conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I simply don't know who is right.
The property lawyer has to follow the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have been told that property searches are a common cause of delay in Monmouthshire house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Monmouthshire.
I am buying my first flat in Monmouthshire benefiting from help to buy. The builders would not reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my solicitor about this side-deal as it would impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I opted to have a survey completed on a property in Monmouthshire prior to appointing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you e-mail us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Monmouthshire. Conveyancing will be smoother if you use a solicitor in Monmouthshire especially if they are familiar with such properties in Monmouthshire.