I have just started taking steps with the aim of changing my current homeowner mortgage to a Buy to Let Virgin Money mortgage. The bank has said that I need a lawyer for this. I had a chat my previous Mossley Hill conveyancing solicitor who who completed the conveyancing when I initially bought the property. The costs illustration provided of £450 plus VAT has shocked me as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The estimate fees are a bit high. If you you were to look around you may be able to get the conveyancing a bit cheaper by say a hundred pounds. On the other hand, assuming were happy with the service the firm gave you couldcome to rue opting for an an unknown solicitor. If is important to be sure that the solicitor can also act for Virgin Money. Do employ our search tool to get a quote a Mossley Hill conveyancing firm on the Virgin Money approved list of lawyers, which can often include conveyancing solicitors in Mossley Hill.
The owners have rather brash sellers who has recommended a lock out contract with a payment two thousand pounds. Is it wise to enter into such agreements?
This type of arrangement is unusual in Mossley Hill, conveyancers will often sway clients away from them as they detract from focusing on the main conveyancing focus and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the owner has executed a lock out agreement they will complete the sale with you. They may be tempted to break the contract if they receive a big enough offer to do so because an aggrieved party with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and this may not compare to the extra amount that your seller may obtain by breaching the agreement, no matter how morally condemnable that may be.
I purchased a freehold house in Mossley Hill but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Mossley Hill and has limited impact for conveyancing in Mossley Hill but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
What happens if my lawyer’s firm is suspended from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Mossley Hill?
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 am downsizing from our property in Mossley Hill and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers used a nationwide conveyancing practice rather than a conveyancing solicitor in Mossley Hill. We have lived in Mossley Hill for 5 years we know of no issue. Is it a good idea to contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Mossley Hill differ for new build properties?
Most buyers of new build premises in Mossley Hill come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Mossley Hill usually acquire 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 property lawyers 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 Mossley Hill or who has acted in the same development.