Why do I have to pay up front for conveyancing in Lynmouth?
If you are buying a property in Lynmouth your solicitor will ask you put them with monies to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this should be asked for shortly prior to exchange of contracts. Any further balance that is due should be sent to your lawyer a couple of days prior to the day of completion.
We're in Lynmouth, FTBs purchasing with a mortgage (lender is Virgin Money , and our solicitor is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I currently have a mortgage with Coventry BS for my property in Lynmouth. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval before renting your property as this is likely to be a breach of Coventry BS’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 Coventry BS directly. You need not do this via a Coventry BS conveyancing panel solicitor.
I am selling my flat. I had a double glazing fitted in January 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Leeds Building Society are being pedantic. The Lynmouth solicitor who is on the Leeds Building Society conveyancing panel is saying indemnity insurance will be fine but Leeds Building Society are requiring a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
At last I have had an offer on a maisonette in Lynmouth accepted, the owners do however have a dependent purchase. The vendors have put an offer on a property, however it’s not yet tied up, and are looking at other properties in the pipeline. I have chosen a high street conveyancing solicitor in Lynmouth. What should be my next step? When should I get the mortgage application with TSB going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then survey, Lynmouth conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the TSB approved list. Concerning the subsequent phase this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. During a rising market the majority of home buyers will apply for a home loan with TSB and pay for the valuation and only if it was satisfactory would they ask their solicitor to proceed with the conveyancing in Lynmouth.
How does conveyancing in Lynmouth differ for new build properties?
Most buyers of new build premises in Lynmouth contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Lynmouth tend to 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 Lynmouth or who has acted in the same development.
Am I better off to use a Lynmouth conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can carry out the conveyancing however her office is 400miles away.
The primary upside of using a local Lynmouth conveyancing firm is that you can attend the office to sign paperwork, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were impressed that must surpass using an unknown Lynmouth conveyancing solicitor solely due to them being round the corner.
I have just started marketing my ground floor apartment in Lynmouth.Conveyancing lawyers have not yet been instructed but I have recently had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as normal because all ground rent and service payments should be allottedon completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process