I'm in the process of transferring my current residential home loan to a BTL Godiva Mortgages Ltd mortgage. I was told by my mortgage that I require a lawyer for this. I got in contact with the same South Wimbledon conveyancing firm who acted on my behalf when I initially acquired the house. The fee calculation provided of just over five hundred pounds has taken me by surprise as its a remortgage than a sale or purchase.
The estimate does seem a little overpriced. Where you are happy to expend time scrutinising prices you could reduce the fees marginally by as much as £125. On the other hand, if you were pleased with the service the firm gave you couldcome to regret choosing an an unknown solicitor. Remember to ensure that the firm can also act for Godiva Mortgages Ltd. Do utilise our search tool to get a quote a South Wimbledon conveyancing firm on the Godiva Mortgages Ltd approved list of lawyers, which can often include conveyancing solicitors in South Wimbledon.
We are only a couple days away from an exchange on a house in South Wimbledon and my parents have transferred the ten percent deposit to my solicitor. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancer is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial property in South Wimbledon?
Its becoming the norm that commercial conveyancing solicitors in South Wimbledon will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in South Wimbledon. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in South Wimbledon.
For each commercial conveyancing transaction in South Wimbledon it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to South Wimbledon commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in South Wimbledon.
How does conveyancing in South Wimbledon differ for new build properties?
Most buyers of new build or newly converted property in South Wimbledon come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in South Wimbledon typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in South Wimbledon or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in South Wimbledon ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will refuse to give a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Wimbledon. Conveyancing will be smoother if you use a solicitor in South Wimbledon especially if they are accustomed to such properties in South Wimbledon.
My partner and I are buying a 2 bedroom flat in South Wimbledon. When we first instructed conveyancer, they told us that they were on all mainstream mortgage company panels. Our mortgage broker called just now to advise that they don't seem to be on the Clydesdale approved list. If it turns out to be true, what should we do? Do we simply find a new solicitor that is on their approved list or should we pay for separate representation, with Clydesdale appointing their own approved conveyancer.
If you are buying a property requiring a mortgage it is conventional for the purchaser’s solicitors to also act for the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to satisfy. Some lenders now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact Clydesdale and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Clydesdale's conveyancing panel as you are at liberty to use your preferred South Wimbledon lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.