TRANSFERS
Why use me?
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I carry a Mirco-case load - this means I only take on a small number of matters at any one time, enabling me to work to your own timescales and working patterns.
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Need a 8am Saturday appointment? No problem.
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Don't live in Cumbria?, No problem, I am work with people all over the UK.
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Scared of legal jargon? Although this can't always be avoided, I will always make sure you 100% are happy and confident in anything before you sign!
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I'm fully regulated and insured.
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I've worked in Conveyancing for over 20 years, I've helped thousands of people move & have thousands of happy clients.
What does the Transfer process involve?
The first stage in the Conveyancing process is your initial consultation & you formally instructing your Conveyancer. There are several steps for you to take, such as filing in initial forms, providing ID, providing funds for your searches (if you are re-mortgaging and lender requires these) etc. You should receive a welcome pack (sometimes referred to a client care letter) which will detail everything. This is the due diligence your Conveyancer is required to carry out. The sooner you action these, the sooner your matter can progress. Once this is received there are a few steps below for your Conveyancer to undertake:
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Obtain your title deeds and initial redemption statements (if you have an existing mortgage).
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Obtain a copy of your new mortgage offer (if applicable) and deal with any lender specific requirements. At this stage we will know if your lender requires us to carry out full searches or if we are able to proceed without these.
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If a party is to be removed from the title deeds, we will need to liaise with their Conveyancer. It is possible to do this without them having their own representation but there is a separate procedure for this which we can explain if needed. We will need to comply with any obligations under a court order.
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Report to you with details of the title deeds (and any issues that need addressing, your mortgage, search results (if required) and the papers to be signed.
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Arrange potential completion with all parties.
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Prepare the completion statements this will involve getting a final settlement figure (if required) and will detail the funds due to back you.
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Request payment of the mortgage advance from your lender if you are creating a new mortgage. There are various other steps for your lawyer to undertake at this stage (such as final file checks, pre-completion searches) these need to be completed before the next step.
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Completion takes place
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Paying off your old mortgage (if applicable), sending you any balance funds. The title deeds are sent to the Land Registry and can take several weeks to update the change of mortgage company and the change of parties.
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Proving you and your lender with the updated title deeds.
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File closing and retaining in storage.
What are some tips you can give me?
If you have an existing mortgage on the property, you must either re-mortgage to a new lender in your joint/sole name or request permission from your current mortgage lender before the transfer can take place. A party cannot be taken off or added to the title deeds without your current mortgage lenders permission.
Although you need a Conveyancer for a Transfer if you are doing re-mortgage some mortgage companies will offer to pay the cost of the legal fees if you use their own solicitors. These are referred to as “free legals”. These can either be their own inhouse solicitors or outsourced to an independent firm. It is always worth checking the small print and what is covered in the “free legals” before you commit.
Try and have as much information as possible for your Conveyancer. If you can provide details of your current mortgage and account numbers at the onset this can greatly increase the speed in which your Transfer can progress if this is subject to an existing mortgage. If you are aware of issues that arose at the time of your purchase, let your Conveyancer know about these. We would also need to see the court order if the Transfer is subject to this. Details of the other party are crucial. We cannot take a party off the title deeds if you do not know their whereabouts. The exception to this is if the other owner is deceased.
It’s a good idea to have an agreement in principle before you start your process if you need to re-mortgage at the same the same time as this can greatly increase the speed in which your actual mortgage offer can be produced. Many lenders have long processing times due to the current number of mortgage applications.
Don’t be afraid to ask questions. For many of you this will be the 1st time you have some across some of the legally terminally we are required to use. You will have questions so please ask away!
Most importantly, you need to use a Conveyancer you feel you can trust. Speak to friends and family and do your re-search.