I am not in a position to travel far from Radstock. I would like to know the understand why all Radstock conveyancing practitioners are not on all lender panels?
As unjust as it may appear for banks to limit who can represent them, from the public’s or solicitor’s viewpoint, the the contrary view is that lending institutions are increasingly anxious and feel it crucial to protect them against mortgage fraud. As a consequence of this concern mortgage companies have restricted their conveyancing panel to a size that they are happy to control.
I have given 8 weeks notice to my existing landlord and must leave my rented flat in Radstock by the end of next month. Conveyancing on my purchase is progressing. How realistic is it to complete in 5 weeks as don't want to have to move into temporary accommodation?
It is unwise to provide notice for your tenancy unless your lawyer suggests that you should. If you have not previously done so, notify to your solicitor and urge them to they cajole the other side, try to get a realistic time scale from them that everyone will work to achieve
A relative informed me that in buying a property in Radstock there could be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
There are anumerous of properties in Radstock which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Radstock should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had instructed solicitors based in Radstock on the RBS solicitor approved list. They have just billed me a separate fee for handling the RBS mortgage. Is this a supplemental conveyancing fee specified by RBS?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner may levy a fee for this. The charge is not dictated by RBS but by your Radstock lawyer. Numerous firms on the RBS panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
I have a mortgage with Nottingham for my property in Radstock. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Nottingham must be informed of your intention before renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies 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 Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel solicitor.
I'm buying my first flat in Radstock with a loan from Virgin Money. The builders would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my solicitor about this deal as it may jeopardize my mortgage with the bank. Should I keep quiet?.
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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Radstock I like with a park and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Radstock for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
What can I expect to pay for conveyancing in Radstock?
The amount you are levied for Radstock conveyancing costs may vary significantly from solicitor to solicitor. In the circumstances it is particularly critical for you to have a full breakdown of costs when you first choose a conveyancer. It is advisable to find three or four quotes.