I'm in the process of transferring my current homeowner mortgage to a Buy to Let TSB mortgage. I have been informed by my broker that I need a lawyer as part of the process. I got in contact with my previous Exmoor conveyancing firm who dealt with the legals when I originally bought the property. The fee calculation supplied of £450 plus VAT is surprising as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The estimate fees are a tad high. If you are willing to invest time contrasting quotes you might get the conveyancing a bit cheaper by as much as £100 plus VAT. On the other hand, if you were content with the conveyancing the firm gave you mightcome to rue opting for an an untested lawyer. Don't forget to be sure that the solicitor can represent TSB. You can make use of our search tool to select a Exmoor conveyancing firm on the TSB approved list of lawyers, which can often include conveyancing solicitors in Exmoor.
Some advice if I may. My Exmoor conveyancer is advising me that he is legally obliged toconduct Exmoor conveyancing searches stemming from the fact thatthe firm are on the Virgin Moneysolicitor panel. Do I not have any say here?
You have limited options available to you. As you are taking a mortgage with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Exmoor conveyancing searches.
Why is leasehold purchase conveyancing in Exmoor costs more?
Exmoor leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Exmoor I like with open areas and transport links in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Exmoor suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I was advised by numerous estate agents in Exmoor to get a quote from a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to promote your site ahead of another?
We don’t make any commission for sending work our way. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.