Online Property Conveyancing

[scotsguy85]

Hi all,

Firstly, i'll start of by stating this is in Scotland, as i know some processes are different.

I have been working towards the purchase of a building for the last 9 months.

There has been a few hiccups along the way, which has seen the purchase price drop considerably.
So much so, that i am now struggling to get a Mortgage due to the value no longer meeting minimum lending criteria.

However, the seller is DESPERATE to sell, and has offered me their own "mortgage terms."
In other words, i am paying a rent until the agreed purchase figure is repaid.

I have used a couple local companies in the past for commercial purchases, but i feel i spend more time chasing them than i should.

As such, i am looking to see if anyone has any experience of using any Online Conveyancing companies?

I am in two minds if my proposal makes things more complicated for the legal side of things (rental over 15 years to a landlord) or actually easier as no Mortgage companies to deal with.

Interested in hearing any thoughts,

Thanks

 

[WaveJumper]

Are you unable to obtain a bank loan to cover cost, what rate of interest is the seller asking for compared say to the bank.

Personally for such a deal I would get proper legal advice

 

[scotsguy85]

Seller is offering 1%.

No, cannot get a loan

 

[Newchodge]

This is not a straightfroward conveyance. You have said that you will be renting from the current owner, so you are not buying the peoperty. You must get independent legal advice.

 

[Gyumri]

i am paying a rent until the agreed purchase figure is repaid.

Then you are an ordinary tenant and presumably nothing to stop the vendor kicking you out when it suits.

It looks like you're more desperate to move in than the vendor is to move out.

As @WaveJumper has said this needs a solicitor (which cannot be done online in this case).

 

[IanSuth]

generally o line stuff like conveyancing works best when things are absolutely vanilla standard - the more nuanced things get the harder it is to get it correctly recognised by a lowest common denominator system

You are in Scotland and doing some sort of rent to own arrangement - go and see a commercial solicitor who will know how to do it right in Scotland

 

[tony84]

The online firms we use are very much tick box exercise, cheap and (occasionally) cheerful conveyor belts.

I think that is probably doing them a bit of an injustice but I am not sure they are geared up for this kind of thing.

 

[Socio South West]

Being in Scotland where Property Law is a little different than in the rest of the UK - but thankfully closer to the legal profession in this case - I suggest that decent legal advice will be the best and only way forward for you to try and arrange what is being proposed.

 

[NewKidinTown]

Seller is offering 1%.

No, cannot get a loan

think that tells you quite a lot

 

[DontAsk]

There has been a few hiccups along the way, which has seen the purchase price drop considerably.
So much so, that i am now struggling to get a Mortgage due to the value no longer meeting minimum lending criteria.

I don't understand that statement. If the purchase price has dropped then you have a larger deposit, proportionally, and will be a more attractive proposition to the mortgage company.

What is it that you are not telling us?

At this point I would engage the services of a good mortgage broker, rather than a solicitor.

 

[NewKidinTown]

"So much so, that i am now struggling to get a Mortgage due to the value no longer meeting minimum lending criteria."

unless the mortgage amount is less than the figure lenders would consider viable to soak up any overhead in making the loan - I think I've figures around £40k where the lenders consider they can't make a good enough turn/ return to justify the admin effort

 

[Jass T]

Am sure there are some specialised lenders that you would be able to get a loan from rather than the conventiona lbanks. You might pay a higher interest rate, but if the purchasepricehas dropped considerably that should more than make up for it.
Like someone someone has said, talk to mortgage brokers who specialise in commercial mortgages.
I would avoid the rent to buy option until all other options are exhausted.