Me and my partner are intending to buy a 1 bedroom apartment in Totton with a mortgage. We like our Totton conveyancer, but the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel firms or keep our Totton conveyancer and pay for one of their panel firms to act for them. We consider that this is unjust; are we not able to demand that the mortgage company use our Totton conveyancing practitioner ?
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. A further alternative is for your Totton conveyancing lawyer to apply to be on the conveyancing panel.
I am helping my aunt sell her house in Totton. Will the conveyancing solicitor arrange the energy assessment or do I organise this?
Following the abolition of HIPs, EPC’s was left as a compulsory part of selling a property. An EPC must be to hand prior to the property being placed on the market. This is not as aspect of the sale process that lawyers normally arrange. If you are using a Totton conveyancing practitioner they may help arrange EPC’s due to their contacts with long established Totton providers
I had a mortgage agreed in principle with Bank of Ireland. Totton conveyancing lawyers have been selected. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
There is no definitive answer here. Have Bank of Ireland done the valuation? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The mortgage over my property is with Santander for my property in Totton. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
Santander must be informed of your intention in advance of letting out your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander 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 Santander directly. You need not do this via a Santander conveyancing panel solicitor.
How does conveyancing in Totton differ for newly converted properties?
Most buyers of new build property in Totton contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Totton typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Totton or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Totton before retaining lawyers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some mortgage companies may refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you e-mail us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Totton. Conveyancing will be smoother if you use a solicitor in Totton especially if they are familiar with such properties in Totton.
If all goes to plan we aim to complete our sale of a £475,000 garden flat in Totton in just under a week. The management company has quoted £312 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Totton?
Totton conveyancing on leasehold apartments normally involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Leasehold Conveyancing in Totton - Sample of Queries Prior to Purchasing
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Please note if it is fewer than 80 years it will impact the value of the apartment. Check with your bank that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of what this will be. For most Tottonlease extensions you would need to own the premises for a couple of years before you are legally able to exercise a lease extension. What is the yearly service fee and ground rent? It would be sensible to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to practical issues such as the cleanliness of the communal areas. You should not be shy to ask other tenants whether they are happy with them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money.
My conveyancers in Totton have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the lender directly.