I am in the throes of switching my current residential home loan to a BTL Nottingham Building Society mortgage. The bank has said that I must appoint a conveyancer for this. I spoke to my former Ratcliff conveyancing solicitor who dealt with the legals when I first acquired the premises. The costs estimate they've given of just over five hundred pounds is an eye-watering amount to do this as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The quote is slightly on the expensive side. Where you are prepared to expend time comparing charges you could get the conveyancing a bit cheaper by perhaps a hundred pounds. That being said, providing that you were satisfied with the legal work the firm gave you mightcome to rue choosing an an unknown solicitor. Remember to check that the solicitor can represent Nottingham Building Society. You can utilise our search tool to choose a Ratcliff conveyancing firm on the Nottingham Building Society approved list of lawyers, which can often include conveyancing solicitors in Ratcliff.
Why is leasehold purchase conveyancing in Ratcliff costs more?
Ratcliff leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We had selected solicitors based in Ratcliff on the Barclays solicitor panel. They have just invoiced me a further fee for handling the Barclays mortgage. Is this a supplemental conveyancing fee specified by Barclays?
Provided it is contained in their Terms and Conditions or Quote then yes your solicitor is entitled to levy a fee for this. This charge is not set by Barclays but by your Ratcliff lawyer. Some firms on the Barclays panel will levy an ‘acting for lender’ fee but many firms include it on their overall fee.
We have agreed to purchase a house in Ratcliff. An unusual aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Santander your lawyer must follow the conveyancing instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Santander. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and solicitors are required to report to Santander where a lease fails to comply with these provisions. The conditions relate to the installation of panels on properties countrywide and is not isolated to Ratcliff.
We were going to get a AIP from Bank of Ireland this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Ratcliff solicitors on the Bank of Ireland conveyancing panel, or is it better to go independently?
You will need to appoint Ratcliff solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
How does conveyancing in Ratcliff differ for new build properties?
Most buyers of new build or newly converted property in Ratcliff approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Ratcliff usually buy 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 used to new build conveyancing in Ratcliff or who has acted in the same development.
I have been sourcing a conveyancing practitioner in Ratcliff for my home move. Can I review a firm’s record with the profession’s regulator?
You can find presented Solicitor Regulator Association (SRA) determinations stemming from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator could monitor call for training requirements.