We are about to exchange contracts for a garden flat in Earlswood. We have hit a stumbling block. Our loan offer with Birmingham Midshires runs out on 15/4/2019 but the owners are suggesting a completion date of 17/4/2019. Can one prolong the mortgage offer?
The person best placed to deal with your concern is your conveyancer who is in a position to calculate if they better off negotiating with the lender, seller’s conveyancers, property agents or possibly all parties taking into account what has gone on in your conveyancing as of today.
I am considering applying for a Clydesdale mortgage for purchase of a new build (under development) in Earlswood with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
There is nothing to stop you using your solicitor, but Clydesdale will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
The mortgage over my property is with Leeds Building Society for my property in Earlswood. Conveyancing was finalised some time 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 Leeds Building Society?
Leeds Building Society must be informed of your intention before renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies 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 Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel solicitor.
I have instructed a Earlswood conveyancer having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Earlswood postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Earlswood.
Coventry BS have agreed my mortgage in principle, my offer on a flat in Earlswood has been accepted, now what?
Your estate agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Contact Coventry BS or the broker and finalise any appropriate documentation. Coventry BS will appoint a valuer who will get in contact with the estate agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Coventry BS will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Earlswood.
How simple is it to change firm as I have to instruct a firm on the HSBC Bank conveyancing panel. I was using a high street conveyancing solicitor in Earlswood five minutes from me but he is not approved by HSBC Bank
It would be our pleasure to help you select a conveyancing solicitor in Earlswood on the HSBC Bank panel. Please note that the solicitors that we work with do not pay us commission if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Earlswood. In making use of search facility on this website, you can scrutinise charges for conveyancing solicitors in Earlswood and beyond.
Is there a reason that Earlswood conveyancing fees differ for leasehold and freehold properties?
If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control