I am in the throes of switching my current homeowner loan to a BTL Leeds Building Society mortgage. The bank has said that I require a conveyancer as part of the process. I got in contact with my former Preston Park conveyancing solicitor who dealt with the legals when I initially purchased the house. The costs illustration e-mailed to me of just over five hundred pounds has surprised me as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The charges seem a tad high. If you are willing to expend time contrasting prices you could decrease the fees marginally by perhaps £100 plus VAT. On the other hand, providing that you were pleased with the conveyancing the firm provided you maycome to rue opting for an an untested solicitor. Don't forget to ensure the conveyancer can also act for Leeds Building Society. You can employ our search tool to get a quote a Preston Park conveyancing firm on the Leeds Building Society approved list of lawyers, which can often include conveyancing solicitors in Preston Park.
We wanted to use a conveyancing solicitor in Preston Park for our home move. Our financial adviser informed us that our mortgage lenders Nottingham Building Society won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Preston Park conveyancing firms would have been on most bank panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many Preston Park conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Preston Park is one of the many locations where the solicitors showing on our search results are members of the panel for Nottingham Building Society.
I'm the only recipient of my late mum's will and I have everything in my name now, including the house in Preston Park. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in December. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view lenders take of it, depend on the bank as this requirement is primarily there to pick up on the purchase and immediately sell or the flipping of property.
We have agreed to purchase a house in Preston Park. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
As your lender is Aldermore your lawyer must comply with the conveyancing instructions set out in Section two of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Aldermore where a lease fails to satisfy these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Preston Park.
I have a mortgage with Aldermore for my property in Preston Park. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Aldermore must be informed of your intention before renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel solicitor.
I decided to have a survey carried out on a house in Preston Park before retaining solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies may not issue a loan on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Preston Park. Conveyancing will be smoother if you use a solicitor in Preston Park especially if they regularly deal with such properties in Preston Park.
We're first time buyers - had an offer accepted, but the agent informed us that the owners will only go ahead if we instruct their chosen conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a high street solicitor used to conveyancing in Preston Park
We suspect that the owner is unaware of this requirement. Should the owner desire ‘a quick sale', alienating a motivated purchaser is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Preston Park conveyancing solicitors - rather thanthe ones that will earn the estate agent a introducer fee or meet his conveyancing targets set by senior management.