Me and my fiance are buying a 1 bedroom apartment in Andover with a mortgage. We have a Andover solicitor, but the lender says he's not on their "panel". It appears that we have little option but to instruct one of the bank panel solicitors or retain our Andover lawyer as well as pay for one of their panel firms to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Andover conveyancing lawyer to apply to be on the conveyancing panel.
All was ready to move into my new home in Andover next Thursday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not unique to conveyancing in Andover.
I have paid off my mortgage with RBS. I assume I don't need a Andover property lawyer on the RBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
I have a mortgage with Principality for my property in Andover. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval prior to renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel lawyer.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Andover bank branch on various occasions and was reassured it wasn't a problem and they would lend. My Andover conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The solicitor must comply with the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What tools are available to locate a Andover solicitor on the TSB conveyancing panel? I have wheels and am willing to travel upto 25miles to meet the lawyer.
You can use the tool on this page. Please choose the bank and your location and you will see a number of Andover conveyancing lawyers based on proximity. We have detailed some Andover conveyancing firms towards the end of this page and you can telephone them to see whether they are on the TSB approved list
Last January I purchased a leasehold flat in Andover. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a split level flat in Andover, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Similar flats in Andover with an extended lease are worth £196,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2089
With just 64 years unexpired the likely cost is going to be between £15,200 and £17,600 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
I am purchasing a flat with all finances in place. My solicitor has been handed with two distinct evidence of photographic identification, bank statement, endless utility bills. Now he requires a copy from a probate lawyer advising that the funds are in place and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Andover conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering laws.