Finally the sale completed on my house in Southbourne last November but our buyer keeps telephoning daily to say their conveyancer is waiting to hear from mine. What are the post completion sale legalities now that I have sold?
Following your disposal your lawyer should forward the transfer documentation and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer must also send confirmation that the legal charge in favour of the lender has been discharged to the buyers lawyers. There are no post completion requirements specific conveyancing in Southbourne.
We wanted to use a conveyancing solicitor in Southbourne for our house move. Our broker informed us that our bank Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unfair competition?
Lenders tend to imposes restrictions either the category or the number of conveyancing practices on their member panel. A common example of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, some have limited the number of firms they permit to represent them. You should note that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are differing opinions regarding the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Southbourne only carry out a couple conveyances per annum.
This question may be naive but I am unexperienced as FTB of a ground floor flat in Southbourne. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Southbourne?
On the day of completion you do not need to attend the conveyancers office in Southbourne. Your solicitors will arrange to send the purchase money to the seller's lawyers, and shortly after the monies have arrived, you should be able to pick up the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
When it comes to mortgage companies such as Aldermore, do Southbourne lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I have a mortgage with Aldermore for my property in Southbourne. Conveyancing was finalised a year ago. Should I wish 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 Aldermore?
You must advise Aldermore before letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore 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 Aldermore directly. You need not do this via a Aldermore conveyancing panel lawyer.
How does conveyancing in Southbourne differ for new build properties?
Most buyers of new build or newly converted property in Southbourne approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Southbourne typically buy 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 conveyancers 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 accustomed to new build conveyancing in Southbourne 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 Southbourne in advance of instructing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some lenders will not grant a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Southbourne. Conveyancing may be slightly more expensive based on your lender's requirements.
We're novice buyers - agreed a price, yet the selling agent told us that the vendor will only go ahead if we use the agent's recommended solicitors as they want a ‘quick sale’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Southbourne
It is unlikely the vendors are driving this. If they desire ‘a quick sale', turning down a genuine buyer is not the way to achieve this. Bypass the agents and go straight to the sellers and make the point that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to instruct your preferred Southbourne conveyancing lawyers - not the ones that will provide the estate agent a referral fee or achieve conveyancing figures pre-set by head office.