I have just started taking steps with a view to changing my current residential home loan to a BTL Clydesdale mortgage. The bank has said that I require a lawyer as part of the process. I spoke to my former Underwood conveyancing firm who dealt with the legals when I originally acquired the premises. The costs illustration supplied of £500 has surprised me as I am not require purchase conveyancing - it’s just a straightforward remortgage.
The estimate fees are a bit high. If you are willing to invest time comparing prices you might get the conveyancing a bit cheaper by perhaps £125. On the other hand, if you were pleased with the conveyancing the firm provided you maycome to regret opting for an a cheaper solicitor. Don't forget to ensure the conveyancer can also act for Clydesdale. Do utilise our search tool to select a Underwood conveyancing firm on the Clydesdale approved list of lawyers, which can often include conveyancing solicitors in Underwood.
It is 10 years ago since I bought my home in Underwood. Conveyancing solicitors have now been appointed on the sale but I am unable to find my deeds. Is this a major issue?
Don’t worry too much. Firstly the deeds may be retained by the mortgage company or they could be in the possession of the lawyers who oversaw the purchase. Secondly in most cases the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. The vast majority of conveyancing in Underwood involves registered property but in the rare situation where your home is unregistered it is more problematic but is resolvable.
Various online forums that I have visited warn that are the number one cause of delay in Underwood conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Underwood.
2 months have gone by following my purchase conveyancing in Underwood concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 property 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 remortgaging my current property to a buy to let mortgage with Coventry Building Society and intend to use the remaining equity as a down payment on a second house. The location we are interested in is Underwood. Will your conveyancers be able to act for both sets of lenders and link together the conveyances?
Do use our comparison tool on this site to ensure that the lawyers are approved by both lenders. Having checked that they are your solicitor should be able to connect the two conveyancing matters but you should have a chat with you conveyancer and specify your expectations and needs.
Our solicitor in Underwood has uncovered a a problem with the lease for the property we are buying in Underwood. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.