I am hoping to receive a offer of a home loan from Santander. I would like to enlist the help of a Licensed Conveyancer in Tamworth. Does the Santander Solicitor panel allow for Licensed Conveyancers?
The Santander approved solicitor list is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I just bought a flat at auction in Tamworth. Conveyancing is needed. What is next?
Now that you are exchanged you should choose a conveyancing lawyer as a matter of priority as you are faced with a pending deadline in which to complete the deal. Every auction property will ordinarily have an associated auction pack. This will include evidence of title and search results. Where you are dealing with leasehold premises the legal pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You must pass this on to the conveyancer instructed by you at the earliest opportunity. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
Is it the case that all Tamworth solicitor firms on the RBS conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of lenders do allow licenced conveyancers on their panel and in that case the organisation would be regulated by the Council of Licensed Conveyancers.
I currently have a mortgage with RBS for my property in Tamworth. Conveyancing has been completed a year 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 buy-to-let mortgage or inform RBS?
You must advise RBS in advance of renting your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel firm.
I'm buying a new build house in Tamworth with a mortgage from Birmingham Midshires. The developers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not to tell my lawyer about the side-deal as it would impact my mortgage with Birmingham Midshires. 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 decided to have a survey done on a house in Tamworth ahead of instructing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will not grant a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Tamworth. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I be wary by estate agents that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Tamworth conveyancing company?
As with lots of professional services, often input from connections can be worth their weight in gold. But there are lots of people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and lenders may put forward lawyers to retain. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to appoint your preferred conveyancer. You need to be aware that some lenders specify a panel list of conveyancers you are obliged to use for the lender related work in your house move.
What is the average legal costs for conveyancing in Tamworth?
The average fee in 2014 for conveyancing in Tamworth was £1,500 not including Land Tax and HMLR fees.