I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Trowbridge Estate solicitor on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS 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 Coventry BS mortgage from the register. Coventry BS, 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 Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I have a mortgage with Virgin Money for my property in Trowbridge Estate. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval before renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
I recently had an offer accepted on a house in Trowbridge Estate. My financial adviser pressured me to appoint their solicitor. I paid an advanced payment of £200. Not long after, the property lawyer contacted me to say that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Am I right to be suspicious about 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a local Trowbridge Estate conveyancing company?
As with lots of service providers, often input from family and friends can be most helpful. Yet there are lots of people with a keen interest in a conveyancing matter; estate agents, mortgage brokers and lenders may recommend lawyers to select. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there may be a financial incentive behind the endorsement. You are at liberty to select your preferred conveyancer. Don't forget that some mortgage providers specify a panel list of solicitors you must use for the mortgage aspect of your house move.
Am I best advised to go with a Trowbridge Estate conveyancing practitioner in close proximity to the house I am hoping to buy? An old friend can perform the legal formalities but his firm is located 400kilometers drive away.
The primary upside of using a high street Trowbridge Estate conveyancing firm is that you can attend the office to sign documents, hand in your identification documents and apply pressure on them where appropriate. Having local Trowbridge Estate know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and they were content that should trump using an unknown Trowbridge Estate conveyancing solicitor just because they are based in the area.
My partner and I may need to let out our Trowbridge Estate ground floor flat for a while due to a career opportunity. We used a Trowbridge Estate conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Trowbridge Estate do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse 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 permission.
I own a 1 bedroom flat in Trowbridge Estate, conveyancing having been completed November 2003. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Trowbridge Estate with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2071
You have 52 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
My nephew is just in the process of moving house, the home loan was agreed last week in principle. After the offer was accepted on flat we contacted the lender to progress the mortgage application. I was shocked to discover that banks do not accept all conveyancing practitioner, they need to be on their approved list, is this correct?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing practices 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 lenders have no responsibility for the quality of advice provided by any Trowbridge Estate conveyancer 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.