I'm in the process of transferring my current homeowner loan to a Buy to Let Birmingham Midshires mortgage. I have been informed by my broker that I need a lawyer as part of the process. I spoke to my previous Llandyrnog conveyancing practitioner who who completed the conveyancing when I previously acquired the premises. The fee calculation provided of £550 has taken me by surprise as its a refinance than a sale or purchase.
The estimate does seem a little overpriced. If you you were to look around you might decrease the fees slightly by perhaps £100 plus VAT. On the other hand, providing that you were happy with the conveyancing the firm gave you couldcome to regret opting for an an untested conveyancer. If is important to enquire that the conveyancer can represent Birmingham Midshires. Do employ our search tool to find a Llandyrnog conveyancing firm on the Birmingham Midshires approved list of lawyers, which can often include conveyancing solicitors in Llandyrnog.
Can you clarify what the consequences are if my solicitor is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Llandyrnog?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been told that property searches are the main reason for hinderance in Llandyrnog conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Llandyrnog.
My wife and I purchased a 4 bedroom Edwardian property in Llandyrnog. Conveyancing solicitor represented me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be 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 Llandyrnog and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with the conveyancing solicitor who carried out the work.
How does conveyancing in Llandyrnog differ for new build properties?
Most buyers of new build property in Llandyrnog contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Llandyrnog tend to buy the site, 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 conveyancers 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 Llandyrnog or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Llandyrnog before retaining lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders tend refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Llandyrnog. Conveyancing will be smoother if you use a solicitor in Llandyrnog especially if they are acquainted with such properties in Llandyrnog.