I'm in the process of porting my existing standard loan to a Buy to Let Clydesdale mortgage. I have been informed by my broker that I require a lawyer as part of the process. I had a chat my previous Malpas conveyancing firm who dealt with the legals when I initially bought the house. The costs estimate sent of £500 has taken me by surprise as its a remortgage than a sale or purchase.
The estimate fees seem a tad high. If you are willing to spend time comparing costs you could get the conveyancing a bit cheaper by say a hundred pounds. On the other hand, if you were satisfied with the assistance the firm gave you couldlive to rue opting for an a cheaper solicitor. If is important to be sure that the solicitor can act for Clydesdale. Do use our search tool to get a quote a Malpas conveyancing firm on the Clydesdale member panel, which can often include conveyancing solicitors in Malpas.
In what way does my ID and proof of funds have anything to do with my conveyancing in Malpas? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you are required to sign should confirm this. Your lender will also require certain documents to be viewed. Where you are unwilling to provide identification documents, your solicitor would not be able to act for you.
We have agreed to purchase a house in Malpas. One unusual aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Coventry BS your lawyer must check the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Coventry BS where a lease does not satisfy these requirements. The conditions relate to the installation of panels on properties nationwide and is not restricted to Malpas.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my Malpas building society branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Malpas conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
As long as the conveyancing practitioner is on the lender approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
RBS have agreed my home loan in principle, my offer on a apartment in Malpas has been accepted, what are the next steps?
Your property agent will wish to know who your solicitors are (ensure that the conveyancers are on the lender’s panel). Contact RBS or your financial adviser and complete any outstanding paperwork. RBS will instruct a valuer who will get in contact with the estate agent or owners to arrange a time for the valuation to happen. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. RBS will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Malpas.
I decided to have a survey done on a property in Malpas prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some lenders tend refuse to grant a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact 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 Malpas. Conveyancing may be slightly more expensive based on your lender's requirements.
I wish to sublet my leasehold flat in Malpas. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Malpas do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Malpas Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
Who manages the block? How many of the leaseholders are in arrears for their maintenance charge payments? The majority of Malpas leasehold apartments will be liable to pay a service bill for maintenance of the building invoiced on behalf of the freeholder. If you acquire the apartment you will have to meet this amount, normally in instalments accross the year. This could differ from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a ground rent for you to pay annual, ordinarily this is not a large amount, say about £50-£100 but you should to check as sometimes it can be surprisingly expensive.