I have a mortgage with Co-operative for my property in Gosport. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
You must advise Co-operative in advance of letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative 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 Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel solicitor.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Gosport solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Gosport postcode. As you are getting a mortgage with Bank of Ireland, you could contact them to see if they have a list of approved surveyors in Gosport.
Our offer on a detached house in Gosport has been accepted, the vendors do nevertheless have a dependent purchase. The owners have offered on on an apartment, however it’s not yet agreed to, and have viewings of other flats booked. I have chosen a high street conveyancing solicitor in Gosport. What do I do now? When should I get the mortgage application with Bank of Ireland started?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then survey, Gosport conveyancing search costs, etc). First, you should check that your conveyancing practitioner is on the Bank of Ireland approved list. As to the next steps this very much dictated by the circumstances of your case, motivation for the property and on the state of the market. During a rising market many buyers would apply for the mortgage with Bank of Ireland and pay for the valuation and only if it comes back ok would they pay their conveyancing practitioner to move forward with the conveyancing in Gosport.
3 months have gone by since my purchase conveyancing in Gosport concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 asset 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.
How does conveyancing in Gosport differ for newly converted properties?
Most buyers of new build property in Gosport come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because developers in Gosport typically buy the real estate, 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 accustomed to new build conveyancing in Gosport or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one close by in Gosport I like with amenity areas and transport links in the vicinity, however it's only got 51 years on the lease. There is not much else in Gosport in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Are there any apps to assist me to search for a Gosport law firm on the The Royal Bank of Scotland conveyancing panel? I am a keen cyclist and am happy to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the facility on this website. Please pick a bank and your location and you will see a number of Gosport conveyancing lawyers based on proximity. We have listed some Gosport conveyancing firms at the bottom of this page and you can contact them to check whether they are on the The Royal Bank of Scotland member panel
My lawyers in Gosport have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.