I am in a contract race with another prospective purchaser for a property in Stroud. What can I do to hasten the legal process?
In a situation where the seller is applying a tight deadline to exchange it is highly recommended that your lawyer is familiar with the location as they will make use of local connections and intelligence. It is even conceivable that they would have conducted previousproperties in the same street. You would be best advised to use a Stroud conveyancing lawyer. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is understood that just under twenty per cent of Stroud conveyancing deals are frustrated or jeopardised after discovering a purchaser’s solicitor was not on their banks list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being frustrated by an average of 21 days. It is said that this issue impacts in the region of 100,000 home sales every year. Most Stroud conveyancing firms can not represent certain lenders so do check as early as possible.
My uncle passed away six months ago and as sole heir and executor I was left the house in Stroud. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this possible?
Where you intend to refinance then Santander will require that you use a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
This question may be naive but I am unseasoned as a first time buyer of a two bedroom flat in Stroud. Do I receive the keys to the property on completion from my conveyancer? If this is the case, I will use a local conveyancing solicitor in Stroud?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the vendor’s lawyers, and once they have received this, you should be able to receive the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
When it comes to lenders such as Virgin Money, do Stroud conveyancers face a fee to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I was told two weeks ago that my mortgage has been agreed to by Clydesdale. Is it usual for Clydesdale to only issue the offer once my solicitor in Stroud is approved on their conveyancing panel? Clydesdale have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
Due to the advice of my in-laws I had a survey completed on a property in Stroud in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some lenders will not grant a loan on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stroud. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Stroud and I am already nervous. I couldn't find anything specific about Stroud. Conveyancing will be needed in due course but do you know about the Stroud area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Stroud. In the meantime here are some basic statistics that we found