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Using 2 conveyancers-how will it work? Seeking advice pls
clumsycloggs0305
Posts: 43 Forumite
Can anyone help? Situation is own current home outright, looking to re-mortgage on buy-to-let to raise finance to purchase new home with additional residential mortgage on new home.
Have appointed a local solicitor for the transactions, however buy-to-let lender will not work with sole practioner solicitors, therefore need to appoint another conveyancer. Have looked for online conveyancer, anyone experienced https://www.conveyancing-quote.com? As hoping to use them.
Question is HOW WILL IT ALL WORK? Where will the buy-to-let lender send the advance to? Also, where will the residential lender send the advance to on completion? Would it be to the local solicitor still acting for the purchase?
Any advice will be welcomed
Have appointed a local solicitor for the transactions, however buy-to-let lender will not work with sole practioner solicitors, therefore need to appoint another conveyancer. Have looked for online conveyancer, anyone experienced https://www.conveyancing-quote.com? As hoping to use them.
Question is HOW WILL IT ALL WORK? Where will the buy-to-let lender send the advance to? Also, where will the residential lender send the advance to on completion? Would it be to the local solicitor still acting for the purchase?
Any advice will be welcomed
0
Comments
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please??? Anyone??0
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It's going to make it a bit harder to tie the 2 transactions together I would have thought. Your BTL lender will release the funds to their solicitor who will release them to you once the mortgage is in place. You could ask them to TT to your other solicitor to tie in with your purchase but the BTL mortgage will probably proceed quicker than your purchase [particularly if there is a chain] I would have thought.
Would be easier to do it through 1 firm, or maybe you could arrange for the BTL mortgage to be in place and the funds released to you prior to your purchase being completed. What I mean is once you've exchanged arrange to start the BTL mortgage say a week before your completion date, I don't know of any reason why your BTL lender wouldn't agree to this but ask them or the broker you're using.0
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