I'm in the process of porting my existing standard loan to a Buy to Let Skipton Building Society mortgage. The bank has said that I require a lawyer as part of the process. I spoke to my past Wollaton conveyancing solicitor who acted on my behalf when I initially acquired the property. The quote supplied of £450 plus VAT has shocked me as I am not require purchase conveyancing - it’s simply a bog-standard refinance.
The estimate does seem a little on the high side. If you are prepared to invest time contrasting quotes you may be able to shave off some of the expense by say £125. That being said, assuming were content with the assistance the firm offered you mightcome to regret choosing an a cheaper lawyer. Don't forget to be sure that the firm can act for Skipton Building Society. Do employ our search tool to locate a Wollaton conveyancing firm on the Skipton Building Society approved list of lawyers, which can often include conveyancing solicitors in Wollaton.
We are a couple about to exchange contracts for a garden flat in Wollaton. We encountered a stumbling block. The mortgage offer with Virgin Money expires on 17/12/2026 but the owners are putting forward a completion date of 21/12/2026. Is it possible to prolong the loan expiry date?
The person best placed to address this concern is your solicitors who will calculate if he or she is should be discussing with the mortgage company, seller’s representatives, estate agents or indeed all parties given what has happend in your conveyancing to date.
My wife and I have recently appointed a conveyancing solicitor in Wollaton. I I am struggling to find out whether they are accepted on the Birmingham Midshires conveyancing panel. Could you or the lender confirm if they are on the panel?
You should phone the solicitor and enquire if they can act for the bank. Alternatively please call Birmingham Midshires who may be able to help.
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Wollaton I like with a park and railway links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Wollaton suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
My husband and I are new to the buying process - had an offer accepted, yet the agent informed us that the vendor will only proceed if we use their recommended conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a high street solicitor with experience of conveyancing in Wollaton
We suspect that the seller is unaware of this demand. Should the seller want ‘a quick sale', turning down a motivated buyer is not the way to achieve this. Bypass the agents and go straight to the sellers and make the point that (a)you are motivated purchasers (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you will continue to use your own,trusted Wollaton conveyancing solicitors - not the ones that will give their negotiator at the agency a kickback or achieve conveyancing targets set by corporate headquarters.
Our lawyer in Wollaton has discovered a a problem with the lease for the flat we are buying in Wollaton. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is 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 lender 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 mortgage company 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.