I am expecting a mortgage with Lloyds. I intend to instruct a Licensed Conveyancer in Chesterton. Does the Lloyds Conveyancing panel allow for conveyancers regulated by the CLC?
The Lloyds approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I happen to be the sole recipient of my late mum's will and I have everything in my name now, including the house in Chesterton. The Chesterton property was put into my name in March. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the house in March. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. Some banks would take a practical view as this clause is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
My husband and I are in the process of viewing flats in Chesterton and I am about to put in an offer. Is it too early to have a solicitor in place? I am planning to take a home loan with Leeds Building Society.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. Given that you are obtaining a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Bank of Ireland for my property in Chesterton. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Bank of Ireland must be informed of your intention before letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let 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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel firm.
Do I need to be wary that brokers that I am dealing with are recommending a web based conveyancing firm as opposed to a local Chesterton conveyancing firm?
As is the case with many professional services, often referrals from relatives can be extremely useful or valuable. Yet there are lots of people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks may put forward lawyers to instruct. On occasion the conveyancers might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the endorsement. You have the discretion to choose your own lawyer. Don't forget that the majority of lenders operate an approved list of conveyancers you are obliged to use for the mortgage related work in your house move.
We expect to complete the disposal of our £300,000 garden flat in Chesterton next week. The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Chesterton?
Chesterton conveyancing on leasehold flats usually results in fees being invoiced by freeholders :
Addressing pre-contract enquiries
Where consent is required before sale in Chesterton
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a 1st floor flat in Chesterton, conveyancing formalities finalised in 2011. How much will my lease extension cost? Similar properties in Chesterton with an extended lease are worth £186,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2071
With only 52 years unexpired the likely cost is going to range between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
My solicitor in Chesterton has requested from me identification documents asserting that this is part of his legal duty as a conveyancer on the bank Solicitor panel. Can this be correct?
Anti-terror and anti-money-laundering rules require Chesterton conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the lender also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements