I have just started taking steps with the aim of switching my existing standard home loan to a BTL Skipton Building Society mortgage. I have been informed by my broker that I must appoint a conveyancer as part of the process. I got in contact with my past Mevagissey conveyancing solicitor who dealt with the legals when I initially acquired the property. The fee estimate e-mailed to me of £500 is surprising as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The estimate does seem a little overpriced. If you you were to look around you could reduce the fees marginally by say £125. On the other hand, assuming were content with the assistance the firm provided you couldlive to regret opting for an an unknown conveyancer. If is important to check the conveyancer can represent Skipton Building Society. You can utilise our search tool to get a quote a Mevagissey conveyancing firm on the Skipton Building Society approved list of lawyers, which can often include conveyancing solicitors in Mevagissey.
Me and my partner are due to exchange on the purchase of a house in Mevagissey but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the vendor of £2k by way of a adjustment in the price. This was going to be addressed as part of amending the contract yet TSB will not agree to this. Should they have been approached?
Your lawyer that is on a TSB conveyancing panel is obliged to inform TSB of any variations to the sale price. If you were to refuse your property lawyer to report the reduction to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new conveyancer for your conveyancing in Mevagissey.
What will a local search inform me concerning the house I am buying in Mevagissey?
Mevagissey conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Mevagissey conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
Due to the input of my in-laws I had a survey completed on a property in Mevagissey in advance of appointing conveyancers. I have been informed that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will not issue a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mevagissey. Conveyancing will be smoother if you use a solicitor in Mevagissey especially if they regularly deal with such properties in Mevagissey.
Our conveyancer in Mevagissey has uncovered a a problem with the lease for the apartment we are purchasing in Mevagissey. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.