I am buying a flat in Uppingham. My property lawyer has never been on on the mortgage company approved list. Can I still continue with my Uppingham conveyancing solicitor notwithstanding that they are not on the mortgage company panel of approved conveyancing solicitors?
One will need to instruct a lawyer to complete the legal work required when you take out a loan to purchase your property. The lawyer will conduct all the necessary investigations on the property, make sure that you will be registered as proprietor and ensure that all the required mortgage paperwork is dealt with. One can instruct a Uppingham property lawyer of your choosing. Nevertheless, if the solicitor appointed is not on the bank conveyancing panel supplemental costs will be levied as separate legal representation will be required by them. Lender panel applications can be submitted, so provided your lawyer has not previously sought membership they should take the chance to apply.
My husband and I are purchasing a 1 bedroom flat in Uppingham with a loan from Lloyds TSB Bank.We would like to retain our Uppingham conveyancing lawyer but Lloyds TSB Bank says she’s not listed on their approved list of firms. It seems we have no choice but to instruct a Lloyds TSB Bank panel firm or retain our preferred solicitor and fork out for a Lloyds TSB Bank panel lawyer to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you contains terms and conditions, one of which will be that solicitors needs to be on the Lloyds TSB Bank conveyancing panel. Until recently, most banks had large numbers of solicitors 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 solicitors to apply to be on the conveyancing panel for Lloyds TSB Bank
Forgive me if this question is silly but I am unseasoned as FTB of a ground floor flat in Uppingham. Do I pick up the keys to the house on the completion date from my conveyancer? If so, I will appoint a local conveyancing solicitor in Uppingham?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the seller's solicitors, and once they have received this, you should be called to receive the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
The formalities of my remortgage has taken place for my property in Uppingham. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Barclays have agreed my mortgage in principle, my offer on a flat in Uppingham has been agreed to, now what?
Your estate agent will want to know who your solicitors are (make sure the conveyancers are on the lender’s panel). Contact Barclays or the financial adviser and complete any relevant documentation. Barclays will instruct a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Barclays will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Uppingham.
How does conveyancing in Uppingham differ for newly converted properties?
Most buyers of new build property in Uppingham contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Uppingham typically buy 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 Uppingham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Uppingham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Uppingham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Uppingham you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Uppingham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
When it comes to my conveyancing in Uppingham 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 Uppingham conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.