I'm in the process of transferring my current residential mortgage to a Buy to Let Barclays mortgage. The bank has said that I require a lawyer as part of the process. I spoke to my former Aylestone conveyancing firm who acted on my behalf when I first bought the premises. The costs illustration they've given of £550 has shocked me as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The estimate does seem a tad overpriced. Where you are prepared to expend time contrasting quotes you may be able to get the conveyancing a bit cheaper by as much as £125. On the other hand, if you were pleased with the assistance the firm offered you maylive to rue opting for an an untested solicitor. Remember to be sure that the solicitor can represent Barclays . You can use our search tool to choose a Aylestone conveyancing firm on the Barclays approved list of lawyers, which can often include conveyancing solicitors in Aylestone.
My fiance and I are refinancing our flat in Aylestone with Bank of Ireland. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Bank of Ireland. This is solely used to protect Bank of Ireland if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Bank of Ireland had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
My grandmother passed away 10 months ago and as sole heir and executor I was left the property in Aylestone. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this allowed?
Given you plan to refinance then Santander will require that you use a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
I opted to have a survey done on a house in Aylestone prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some lenders may not issue a mortgage on this type of home.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Aylestone. Conveyancing will be smoother if you use a solicitor in Aylestone especially if they are accustomed to such properties in Aylestone.
I was recommended by three or four local estate agents in Aylestone to select a solicitor using your seach tool. What’s the financial incentive for Estate Agents to market your services over alternative conveyancing organisations?
We refuse to give any financial incentive for sending work to this site. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.