I am purchasing a garden flat in Tottenham Hale. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Tottenham Hale you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Tottenham Hale.
I currently have a mortgage with Lloyds for my property in Tottenham Hale. Conveyancing was finalised 12 months 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 Lloyds?
You must advise Lloyds before renting your property as this is likely to be a breach of Lloyds’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 Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel solicitor.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Tottenham Hale building society branch on numerous occasions and was told they are content with the situation and they will lend. My Tottenham Hale conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their published requirements. Who do I believe?
As long as the conveyancing practitioner is on the mortgage company approved list, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Tottenham Hale solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore 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. You may wish to consider appointing your own Tottenham Hale surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
It has been 2 months since my purchase conveyancing in Tottenham Hale concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Tottenham Hale with a mortgage from Skipton Building Society. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not disclose to my lawyer about this side-deal as it would put at risk my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 Tottenham Hale before appointing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some mortgage companies tend refuse to give a loan on a flying freehold premises.
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 via 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 will be more expensive.
I am thinking of appointing a conveyancing lawyer in Tottenham Hale for my home move. Is there any facility to see a solicitor's record with the legal regulator?
One can find presented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator sometimes monitor call for training purposes.