I have just started taking steps with the intention of swapping over from my domestic mortgage to a BTL Bank of Scotland mortgage. The bank has said that I require a lawyer for this. I spoke to the same Montgomery conveyancing practitioner who acted on my behalf when I first bought the house. The costs illustration provided of £470 has shocked me as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The estimate fees appear a tad high. Where you are prepared to expend time scrutinising costs you might trim some of the expense by say £125. That being said, providing that you were satisfied with the legal work the firm offered you couldcome to rue choosing an a cheaper conveyancer. If is important to ensure the firm can act for Bank of Scotland. Do utilise our search tool to select a Montgomery conveyancing firm on the Bank of Scotland conveyancing panel, which can often include conveyancing solicitors in Montgomery.
We are selling our home in Montgomery. Will the lawyer have to be required to be on the Coventry BS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
My aunt informed me that in purchasing a property in Montgomery there could be various restrictions prohibiting external alterations to a property. Is this right?
There are a number of properties in Montgomery which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Montgomery should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Montgomery conveyancer on the RBS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Montgomery building society branch on various occasions and was told it wasn't a problem and they will lend. My Montgomery conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. I have no idea who is right.
Provided that the lawyer is on the mortgage company panel, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who handled the conveyancing in Montgomery 4 years ago are no longer around. What are my options?
Gone are the days when you need to have the physical original deeds to evidence that you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
My 20yr old son is just in the process of moving home, the home loan was agreed last week in principle. After the offer was accepted on house we rang the building society to issue the formal offer. I was disappointed to learn that banks do not accept all lawyer, they need to be on their approved list, is this right?
Banks tend to imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Montgomery property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.