We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather use a high street conveyancing solicitor in Bamburgh?
Do check but the the likelihood is that allocate you one of their panel conveyancers if you want the "fee-free" offer. Speak to the lender and see if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Bamburgh.
We previously chose conveyancers located in Bamburgh on the Skipton solicitor panel. They are now charging me a separate fee for handling the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
Provided it is contained in their Terms and Conditions or estimate then yes your lawyer is entitled to charge a fee for this. This charge is not set by Skipton but by your Bamburgh conveyancer. Some firms on the Skipton panel will charge ’dealing with mortgage’ fee and others do not.
The mortgage over my property is with Virgin Money for my property in Bamburgh. Conveyancing was finalised months ago. Should I wish 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 Virgin Money?
You must advise Virgin Money prior to renting your property as this is likely to be a breach of Virgin Money’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 Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
Principality have agreed my home loan in principle, my bid on a flat in Bamburgh has been agreed to, what happens next?
Your property agent will want to know who your solicitors are (ensure that the conveyancers are on the lender’s approved list). Call up Principality or your broker and complete any outstanding forms. Principality will instruct a valuer who will get in touch with the estate agent or vendor to book a time for the valuation to occur. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. Principality will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bamburgh.
Should my conveyancer be raising enquiries concerning flooding as part of the conveyancing in Bamburgh.
Flooding is a growing risk for solicitors specialising in conveyancing in Bamburgh. There are those who purchase a property in Bamburgh, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Bamburgh. The conventional set of information given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to discover if the property has suffered from flooding. In the event that the residence has been flooded in past which is not revealed by the seller, then a purchaser may commence a compensation claim as a result of such an incorrect reply. The buyer’s solicitors will also commission an enviro report. This should reveal if there is any known flood risk. If so, additional inquiries should be conducted.
Me and my brother purchased a terraced Edwardian property in Bamburgh. Conveyancing lawyer acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bamburgh and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing lawyer who completed the work.
I'm purchasing my first flat in Bamburgh with a mortgage from Leeds Building Society. The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not reveal to my conveyancer about this extras as it may adversely affect my mortgage with the bank. Should I keep quiet?.
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.
As co-executor for the will of my grandfather I am disposing of a residence in Cardiff but I am based in Bamburgh. My lawyer (approximately 235 kilometers awayhas requested that I execute a statutory declaration prior to completion. Can you recommend a conveyancing lawyer in Bamburgh to attest and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are based in Bamburgh