I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Montacute with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
There is nothing to stop you using your solicitor, but Aldermore will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My bid for a property was accepted at auction in Montacute. Conveyancing is necessary. What are my next steps?
Now that you are exchanged you should retain a conveyancing solicitor soon as you are faced with a tight a fixed date to complete the property. Every auction property will ordinarily have a corresponding auction pack. This will likely include evidence of title and search results. In the case of leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to leasehold premises. You need to pass this on to the lawyer working for you as soon as possible. Do make sure that your finances are in place to complete the transaction on the set completion date.
This question may be naive but I am unexperienced as a 1st time buyer of a garden flat in Montacute. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Montacute?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s solicitors, and once they have received this, you will be called to collect the keys from the Estate Agents and move into your new home. Usually this happens between 1 and 3pm.
I have a mortgage with Bank of Ireland for my property in Montacute. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel lawyer.
Should our lawyer be raising questions regarding flooding as part of the conveyancing in Montacute.
The risk of flooding is if increasing concern for lawyers dealing with homes in Montacute. Some people will acquire a property in Montacute, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a various searches that may be carried out by the buyer or by their lawyers which can give them a better understanding of the risks in Montacute. The standard information given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to discover if the premises has historically flooded. In the event that the premises has been flooded in past and is not notified by the owner, then a purchaser could issue a compensation claim resulting from an incorrect answer. A buyer’s lawyers may also commission an enviro report. This should disclose whether there is any known flood risk. If so, additional investigations will need to be conducted.
It has been three months following my purchase conveyancing in Montacute completed. I have checked the Land Registry site 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 decided to have a survey done on a property in Montacute prior to instructing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies may not grant a loan on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Montacute. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Montacute to see if the conveyancing will be more expensive.
Should I cancel my mortgage payments with Lloyds once a completion date for my sale in Montacute has been set?
You would be well advised to keep meeting any mortgage payments to Lloyds pending the mortgage being repaid from the proceeds of sale as part of your Montacute conveyancing.