I have just started taking steps with the aim of switching my existing standard loan to a Buy to Let Nottingham Building Society mortgage. The bank has said that I need a lawyer for this. I had a chat my previous Northampton conveyancing solicitor who who did the conveyancing when I first acquired the property. The costs illustration e-mailed to me of £550 is an eye-watering amount to do this as its a refinance than a sale or purchase.
The estimate fees appear a tad high. If you you were to look around you might reduce the fees slightly by perhaps a hundred pounds. On the other hand, assuming were pleased with the service the firm offered you couldcome to rue opting for an a cheaper conveyancer. If is important to be sure that the conveyancer can act for Nottingham Building Society. Do use our search tool to find a Northampton conveyancing firm on the Nottingham Building Society approved list of lawyers, which can often include conveyancing solicitors in Northampton.
What does my ID and proof of funds have anything to do with my conveyancing in Northampton? Is this really necessary?
Northampton conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Evidence of the origin of monies is also required under the money laundering statutes as conveyancers are mandated to ensure that the money you are using to purchase a property (whether it be the deposit for exchange or the total purchase amount if you are buying mortgage free) has come from a reputable source (such as an inheritance) and is not the product of criminal activity.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Northampton so that I can attend their offices if necessary.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to provide ID documents and there are still distinct benefits to choosing a local ayer, in your case a conveyancing solicitor in Northampton.
Have just purchased a probate house at auction in Northampton. Conveyancing is necessary. What happens now?
Now that you are legally committed yourself to purchase you must appoint a conveyancing lawyer quickly as you now have a pending deadline in which to complete the deal. Every auction property will have an associated auction pack. This will include most,if not all of the documents that your lawyer requires. In the case of leasehold property the legal papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. 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 the transaction on the set completion date.
My uncle advised me that in buying a property in Northampton there could be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
There are a number of properties in Northampton which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Northampton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Northampton CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing panel?
A selection of lenders now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
How does conveyancing in Northampton differ for new build properties?
Most buyers of new build premises in Northampton contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Northampton tend to purchase 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 used to new build conveyancing in Northampton or who has acted in the same development.
Are the Northampton conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the lender?
Northampton firms and firms carrying out conveyancing in Northampton themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the mortgage company directly.