My solicitor has uncovered a defect with the lease for the flat we are purchasing in Sanderstead. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications have to be complied with.
When it comes to mortgage companies such as Bank of Ireland, do Sanderstead property lawyers have to pay a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We previously chose conveyancers located in Sanderstead on the Lloyds solicitor approved list. They have just billed me an additional fee for handling the Lloyds mortgage. Is this an additional conveyancing fee specified by Lloyds?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your lawyer is entitled to charge a fee for this. This fee is not set by Lloyds but by your Sanderstead conveyancer. Plenty of firms on the Lloyds panel will quote ’dealing with mortgage’ fee and others do not.
My wife and I are at the point of viewing apartments in Sanderstead and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Leeds Building Society.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are obtaining a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
A colleague recommended that if I am buying in Sanderstead I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Sanderstead conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Sanderstead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Sanderstead Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Sanderstead Education with maps and statistics, Local Amenities and other useful information concerning Sanderstead.
Due to the guidance of my in-laws I had a survey completed on a house in Sanderstead in advance of instructing conveyancers. I have been informed that there is a flying freehold element to the property. My surveyor has said that some lenders tend refuse to give a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you contact us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Sanderstead. Conveyancing will be smoother if you use a solicitor in Sanderstead especially if they are accustomed to such properties in Sanderstead.
I'm refinancing my existing home to a BTL mortgage with Virgin Money and intend to use the remaining equity as a down payment on a second house. The area we are interested in is Sanderstead. Will your conveyancers be able to act for both sets of banks and tie in the two deals?
Do use our search tool on this page to ensure that the solicitors are on the relevant lender panels. Assuming that they are the lawyer will be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and make clear your expectations and requirements.
When it comes to my conveyancing in Sanderstead should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Sanderstead conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.