I'm in the process of switching my existing standard loan to a Buy to Let The Royal Bank of Scotland mortgage. I have been informed by my broker that I require a solicitor as part of the process. I got in contact with my previous Paddock Wood conveyancing firm who who completed the conveyancing when I originally bought the premises. The pricing estimate they've given of £470 is surprising as its a remortgage than a sale or purchase.
The charges appear a little high. If you shop around you may be able to get the conveyancing a bit cheaper by say £125. On the other hand, if you were satisfied with the assistance the firm offered you couldcome to rue opting for an an unknown conveyancer. Don't forget to be sure the solicitor can act for The Royal Bank of Scotland. You can make use of our search tool to get a quote a Paddock Wood conveyancing firm on the The Royal Bank of Scotland approved list of lawyers, which can often include conveyancing solicitors in Paddock Wood.
Our son is buying a newly built flat in Paddock Wood with a home loan from Coventry BS. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are the primary reason for stalling in Paddock Wood conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Paddock Wood.
How does conveyancing in Paddock Wood differ for new build properties?
Most buyers of new build or newly converted property in Paddock Wood approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Paddock Wood 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 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 Paddock Wood or who has acted in the same development.
I decided to have a survey done on a property in Paddock Wood in advance of appointing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some lenders tend refuse to grant a loan on such a house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Paddock Wood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Paddock Wood to see if the conveyancing costs will increase in light of this.
I'm refinancing my current house to a buy to let mortgage with Skipton Building Society and I will use the ballance of the raised equity towards further property. The area we are interested in is Paddock Wood. Will your conveyancers be able to act for the two banks and link together the transactions?
Make use of our search tool on this site to ensure that the solicitors are on the relevant lender panels. Assuming that they are your lawyer should be able to simultaneously deal with the two transactions but you should talk with you lawyer and communicate your desired outcome and needs.