I currently have a mortgage with Skipton for my property in Tottenham Hale. Conveyancing was finalised 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 Skipton?
Skipton must be informed of your intention in advance of renting your property as this is likely to be a breach of Skipton’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 Skipton directly. You need not do this via a Skipton conveyancing panel firm.
It is not clear whether my lender requires a lease extension. I have called into my local Tottenham Hale building society branch on various occasions and was informed it wasn't an issue and they would lend. My Tottenham Hale conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. Who do I believe?
The lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have instructed a Tottenham Hale conveyancing practitioner having checked that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Tottenham Hale postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Tottenham Hale.
I have been told that property searches are the number one cause of hinderance in Tottenham Hale conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Tottenham Hale.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who handled the conveyancing in Tottenham Hale 5 years ago no longer exist. What are my next steps?
Nowadays there are duplicates made of almost everything, and your solicitor should be aware precisely where to find all the relevant documentation so you can purchase or dispose of your property without a hitch. Where copies can’t be found, your conveyancer can arrange cover in the form of insurance or indemnities protecting you against possible claims on your property.
Due to the guidance of my in-laws I had a survey completed on a property in Tottenham Hale prior to instructing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some banks tend refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Tottenham Hale. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tottenham Hale to see if the conveyancing costs will increase in light of this.
What does commercial conveyancing in Tottenham Hale cover?
Tottenham Hale conveyancing for business premises incorporates a broad array of guidance, given by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I am due to assess quotes for conveyancing in Tottenham Hale from three property lawyer and choose one. Am I right to tell them to sit tight until I have found somewhere to purchase.
You should wait to get your solicitor to open a file and apply for searches once the sales memorandum has been issued by the estate agent particularly as Tottenham Hale conveyancing searches are costly.