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Own my house and want to release some equity. Advice.
mathew_thomas1981
Posts: 11 Forumite
Hi guys. This is my first post so plesae be gentle with me.
I own the house (no mortgage). Our combined income is 55K per year (gross). We would like to release some of the money tied up in the house, £80,000, in order to buy another house and do some home improvements. I have owned the house since 2009. We have had an agreement in principal from yorkshirebuilding society.
So my questions is, why do i need a soliciter to do a conveyance on a property i already own? I have all the searches from 2009. Land registery etc. How long do these searches last?
It just seems that everyone is always trying to take extra money from me!!
I own the house (no mortgage). Our combined income is 55K per year (gross). We would like to release some of the money tied up in the house, £80,000, in order to buy another house and do some home improvements. I have owned the house since 2009. We have had an agreement in principal from yorkshirebuilding society.
So my questions is, why do i need a soliciter to do a conveyance on a property i already own? I have all the searches from 2009. Land registery etc. How long do these searches last?
It just seems that everyone is always trying to take extra money from me!!
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Comments
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We've just done this and were told that searches last only 6 months so we had to do them all again.0
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Choose a lender who has free legals on remortgages?
I thought YBS did have free legals to be honest..I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Free legals not always applicable for unencumbered properties.
Unfortunately the lender calls the tune with regards to searches etc. It's their money so their call as to what is and isn't neededI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
mathew_thomas1981 wrote: »So my questions is, why do i need a soliciter to do a conveyance on a property i already own?
Perhaps it has something to do with the fact that you wish to borrow money against the property.
Not your solicitor. They are being employed by the lender in part to represent their interests. Just happens that you foot the entire bill.0 -
thanks guys... Guess ill be forking out AGAIN!!0
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