I'm in the process of swapping over from my current residential home loan to a Buy to Let Bank of Scotland mortgage. I have been informed by my broker that I need a solicitor as part of the process. I had a chat my former Eastcote conveyancing firm who acted on my behalf when I initially purchased the premises. The costs illustration supplied of £500 has shocked me as its a remortgage than a sale or purchase.
The quote is slightly on the steep side. Where you are willing to spend time comparing costs you may be able to reduce the fees marginally by as much as £100 plus VAT. That being said, assuming were happy with the assistance the firm provided you mightcome to regret choosing an an unknown conveyancer. Don't forget to ensure that the firm can represent Bank of Scotland. Do use our search tool to select a Eastcote conveyancing firm on the Bank of Scotland member panel, which can often include conveyancing solicitors in Eastcote.
I am getting closer to an exchange on a flat in Eastcote and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I just acquired a flat at auction in Eastcote. Conveyancing is necessary. What is next?
Given that you are now to all intents and purposes signed on the dotted line you must find a conveyancing practitioner as a matter of priority as you now have a tight a fixed date to complete the property. Every auction property will have a corresponding auction pack. This will likely include most,if not all of the documents that your solicitor will need. Where you are dealing with leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You need to hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding in place to complete on the on the contractual date .
I happen to be the single recipient of my late mum's will with all property in now in my sole name, including the house in Eastcote. The Eastcote property was put into my name in January. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be considered the same way as if I'd bought the property in January. Is the property unsalable for six months?
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 caught by that. How practical a view lenders take of it, depend on the lender as this obligation is principally there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I can not work out if my bank requires a lease extension. I have called into my local Eastcote building society branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Eastcote conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I know that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a residence in Eastcote? or I am told that there is a law dating back centuries that could mean that homeowners living in a parish church boundary may be liable to pay for maintenance towards the chancel in proximity to the church. Is this suitable for conveyancing in Eastcote?
Unless a prior acquisition of the house completed post 12 October 2013 you could take it that conveyancing practitioners handling conveyancing in Eastcote to continue to propose a a chancel search and or chancel repair liability insurance.
How does conveyancing in Eastcote differ for new build properties?
Most buyers of new build premises in Eastcote contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Eastcote usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Eastcote or who has acted in the same development.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.