The Soho conveyancing firm handling our Soho conveyancing has discovered an inconsistency between the assumptions in the home valuation report and what is revealed within the title deeds. My lawyer says that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
There are plenty of conveyancing solicitors in Soho but how do I know who I should use?
It would be unwise to be tempted by the lowest Soho conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
The mortgage over my property is with Bank of Ireland for my property in Soho. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
Bank of Ireland must be informed of your intention before letting out your property as this is likely to be a breach of Bank of Ireland’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 Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel firm.
After what feels like an age I have had an offer on a flat in Soho agreed to, but there is a chain. The vendors have put an offer on on an apartment, however it’s not yet tied up, and have viewings of other flats booked. I have instructed a local conveyancing solicitor in Soho. What do I do now? At what point should I apply for the mortgage with Yorkshire BS?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx one thousand pounds, then survey, Soho conveyancing search costs, etc). First, you should check that your conveyancing practitioner is on the Yorkshire BS approved list. Regarding the subsequent phase this very much depends on the uniqueness of your case, desire for the property and on the state of the market. In a hot market some buyers would apply for a home loan with Yorkshire BS and pay for the valuation and only if it comes back ok would they ask their property lawyer to move forward with the conveyancing in Soho.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Soho is where the house is located. What do you suggest?
Flying freeholds in Soho are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Soho you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Soho may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How difficult is it to switch conveyancer as I have to select a firm on the Yorkshire Building Society conveyancing panel. I instructed a high street conveyancing solicitor in Soho round the corner but she is not accepted by Yorkshire Building Society
It would be our pleasure to help you select a conveyancing solicitor in Soho on the Yorkshire Building Society panel. Please note that the conveyancers that we on the directory do not pay us a referral fee if you instruct them and are under regulation of the Solicitors Regulation Authority who regulate all conveyancing solicitors in Soho. Using search facility on this page, you can compare charges for conveyancing solicitors in Soho and throughout England and Wales.
Is there a reason that Soho conveyancing costs differ for leasehold and freehold properties?
When acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control