I am in the throes of swapping over from my current homeowner mortgage to a Buy to Let The Royal Bank of Scotland mortgage. The bank has said that I must appoint a lawyer as part of the process. I got in contact with my past St Neots conveyancing firm who dealt with the legals when I initially bought the house. The quote e-mailed to me of £550 has shocked me as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The estimate fees appear a bit high. Where you are content to invest time comparing costs you may be able to get the conveyancing a bit cheaper by perhaps a hundred pounds. That being said, assuming were content with the conveyancing the firm gave you mightlive to regret choosing an a cheaper conveyancer. Don't forget to check the conveyancer can represent The Royal Bank of Scotland. You can employ our search tool to locate a St Neots conveyancing firm on the The Royal Bank of Scotland member panel, which can often include conveyancing solicitors in St Neots.
Can you clarify what the consequences are if my solicitor is suspended from the Virgin Money Solicitor panel ahead of completing my conveyancing in St Neots?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My wife and I purchased a 4 bedroom Edwardian property in St Neots. Conveyancing practitioner represented me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Neots and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing practitioner who conducted the work.
How does conveyancing in St Neots differ for newly converted properties?
Most buyers of new build residence in St Neots come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in St Neots tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in St Neots or who has acted in the same development.
Given that I will soon part with 450k on a property in St Neots I wish to talk to a solicitor about myhome move ahead of appointing the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer who will be doing your property ownership legalities in St Neots.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The practices that we put you in touch with believe that the figure you are quoted for your conveyancing in St Neots should be the figure that you end up paying.
My husband and I are acquiring a first floor flat in St Neots. When we first instructed conveyancer, they said that they were on all mainstream bank panels. Our mortgage broker called today to advise that they don't appear to be on the Aldermore approved list. If it turns out to be true, what should we do? Should we simply find a different conveyancing practitioner that is on their panel or should we cover the costs for dual representation, with Aldermore selecting their own approved property lawyer.
If you are purchasing a property with the assistance of a mortgage it is usual for the buyer’s lawyers to also act for the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to meet. Some mortgage companies now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact Aldermore and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Aldermore's conveyancing panel as you are at liberty to use your preferred St Neots lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.