I'm the only beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Woking. The Woking property was put into my name in September. I plan to dispose of the property. I do know about the CML 6 month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the house in September. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Some banks would take a sensible view as this provision primarily exists to capture subsales or the wholesaling and assigning of properties.
I have a mortgage with Nationwide for my property in Woking. Conveyancing was finalised months ago. If I am intending 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 Nationwide?
You must advise Nationwide in advance of letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies 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 Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel firm.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Woking bank branch on various occasions and was told they are content with the situation and they will lend. My Woking conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
As long as the solicitor is on the mortgage company panel, they must comply with the CML Handbook requirements 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.
I need some fast conveyancing in Woking as I am faced with pressure to sign on the dotted line within 4 weeks. Luckily I do not need a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are are a cash buyer you are at liberty not to do searches although no solicitor would suggest that you don't. With lots of history conveyancing in Woking the following are examples of issues that can crop up and therefore affect future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
Are there restrictive covenants that are commonly identified during conveyancing in Woking?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Woking. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How do I use your search tool to locate a conveyancing solicitor in Woking on the panel for my lender?
1st select a lender such as Santander, Virgin Money or TSB then type in your preferred area for instance Woking. Conveyancing practices in Woking and beyond will then be shown.
My father-in-law has urged me to appoint his conveyancing solicitors in Woking. Should I use them?
No doubt the best way to choose a conveyancing practitioner is to get feedback from friends or family who have actually experience in using the firm you're contemplating using.
I have noted on various consumer advice websites that when selecting a conveyancing firm they need approved by your lender. I am novice purchaser but I have an AIP from Santander and I already have a high street conveyancing lawyer in Woking at the ready. Does Virgin Money need an approved solicitor to be instructed? Does a list of approved firms even exist so I can appoint a conveyancing lawyer in Woking?
You need to use a solicitor that is on the Virgin Money panel. The first thing to do is telephone your chosen Woking conveyancing solicitor and ask if they are on the Virgin Money panel. If they are not on the panel you have a number of alternatives available to you here:
- Carry on with your chosen Woking property lawyer but Virgin Money will need to instruct a lawyer on their approved panel. This will result in additional cost and probable frustration.
- Appoint a fresh conveyancer to act in the purchase, not forgetting to check that they are on the Virgin Money conveyancing panel.
- Convince your property lawyer to do everything possible to get listed on the Virgin Money conveyancing panel.