conveyancing basics???

markyb0y

can somebody clarify something for me, I know the theory, but now I'm struggling with the detail!

I'm buying a new house with my partner. For my part of the deposit, I'm remorgaging my existing property with a BLT mortgage. I'm going to pay off my existing mortgage, and the remainder will be used as my deposit.

ok - thats the easy bit. I'm now looking at conveyancing. not understanding very much of it now!???

i believe these are the main steps I need my conveyancer to do:
collect the cash from new mortgage,
pay off old mortgage, send deeds to new btl mortgage provider
collect partners cash deposit
collect cash from new joint morgage,
pay vendors for property, send deeds to new mortgage provider
pay stamp duty, fees etc
return any surplus cash.


is this correct?
is this more complex than for a normal purchase? will it attract more charges?
is this actually two jobs, or is likely to be considered as one.

I'm thinking about cost, but thinking of using a local conveyancer for this, rather than a larger national company. Sensible?

I need to find a conveyancer quickly and I'm not really understanding exactly what they will do for me!

any help appreciated. thanks

Me_Myself_2

You have two separate transactions. Firstly re-mortgaging and secondly buying a new property. Two fees I'm afraid.

markyb0y

Thank you.
I thought as much. Otherwise, does this look like straight forward proceedure?

thanks

Me_Myself_2

Re-mortgaging is always easier because there's no one to 'drop out' and not buy your house (or not sell to you). Your purchase will be the only 'problem' area but only because of the usual conveyancing probs.

Good luck

Doozergirl

I'm fairly sure that solicitor's fees are often included in the price of a remortgage and they seem to allocate a solicitor for you, so you probably won't have to find your own solicitor for that job.

AndrewSmith

I have a client currently re-mortgaging. The lender's solicitors have discovered a restrictive covenant in the title deeds which was not picked up when he purchased the property. This will now cost him £600+vat to sort out.

Lenders solicitors if included in the package only cover basic remortgage conveyancing. Anything outside the normal transaction is chargeable.

Andy

Doozergirl

Andy, I don't understand! I think you're saying that the lender's solicitors do all the work but if there's something out of the norm, you have to pay extra? Or are you saying that their solicitor only does basic stuff and you should use someone else to be sure everything's okay?

AndrewSmith

Hi Doozer,

I didn't word it very well did I

When you remortgage it will involve a certain amount of legal work. Some lenders will do this for you, some won't.

When the lender does the legal work for you they will do only the Usual conveyancing work required without charge. If there are complications etc then you have to pay extra.

If you choose a product where the lender does not do the legal work then you must employ your own solicitor to do the conveyancing and pay him accordingly.

Cheers

Andy