I have just started taking steps with the aim of changing my domestic home loan to a Buy to Let Nottingham Building Society mortgage. I was told by my mortgage that I need a solicitor for this. I had a chat the same South Acton conveyancing firm who acted on my behalf when I first acquired the premises. The quote e-mailed to me of £550 is an eye-watering amount to do this as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The estimate does seem a little on the high side. If you shop around you could get the conveyancing a bit cheaper by say £125. That being said, assuming were satisfied with the conveyancing the firm gave you maycome to regret opting for an a cheaper solicitor. Remember to check the solicitor can also act for Nottingham Building Society. Do make use of our search tool to choose a South Acton conveyancing firm on the Nottingham Building Society approved list of lawyers, which can often include conveyancing solicitors in South Acton.
A colleague informed me that in buying a property in South Acton there could be a number of restrictions preventing external changes to the property. Is this right?
There are a number of properties in South Acton which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in South Acton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I currently have a mortgage with Aldermore for my property in South Acton. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval in advance of renting your property as this is likely to be a breach of Aldermore’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 Aldermore directly. You need not do this via a Aldermore conveyancing panel solicitor.
It is unclear whether my bank requires a lease extension. I have telephoned my South Acton bank branch on a couple of occasions and was told they are content with the situation and they would lend. My South Acton conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company approved list, they must comply with the Council of Mortgage Lenders’ 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.
Will our solicitor be making enquiries concerning flooding as part of the conveyancing in South Acton.
Flooding is a growing risk for solicitors dealing with homes in South Acton. Some people will buy a house in South Acton, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or by their lawyers which will give them a better appreciation of the risks in South Acton. The conventional set of completed inquiry forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to find out whether the property has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the seller, then a purchaser may issue a claim for damages stemming from an inaccurate reply. The buyer’s solicitors should also order an enviro search. This should disclose whether there is a recorded flood risk. If so, more detailed investigations should be made.
I opted to have a survey done on a property in South Acton in advance of retaining lawyers. I have been told that there is a flying freehold element to the property. My surveyor advised that some lenders tend refuse to issue a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Acton. Conveyancing will be smoother if you use a solicitor in South Acton especially if they regularly deal with such properties in South Acton.
In my capacity as executor for the estate of my grandmother I am selling a property in Neath but reside in South Acton. My lawyer (who is 235 kilometers awayrequires that I sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing practitioner in South Acton who can attest and place their company stamp on the document?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are based in South Acton
I have been advised by various family members to expect up to two months for South Acton conveyancing to complete.This was a month ago. The paperwork was only received from the vendors conveyancer last week so does the time start running now?
You should not rely on completing on a specific date until contracts are exchanged. Whatever promises the people you are buying from or selling to make, or your conveyancer makes don't count on them. More frustration is caused to clients trying to move home by false promises than anything else.