My husband and I are looking to purchase a flat in Andover and are in fact using a Andover conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this evening contacted us to advise us that they have now hit a problem as our Andover solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Andover solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Will lawyers ask for money on account for conveyancing in Andover?
If you are buying a property in Andover your lawyer will ask you place them with funds to cover the search fees. Ordinarily this is requested to cover the fees of the conveyancing searches. When the down payment is as part of the sale price then this will be needed immediately in advance of exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
Do the Building Society Association intend to launch a search tool with a view to list firms on the Norwich and Peterborough Building Society conveyancing panel for example in Andover?
We have not been informed any intention on the part of the BSA to promote such a register.
There is lots of here regarding conveyancing in Andover but can you isolate your top tip for choosing the right conveyancer in Andover
We would encourage you not to go for the cheapest Andover conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Forgive me if this question is silly but I am unexperienced as a first time buyer of a two bedroom flat in Andover. Do I receive the keys to the premises on the completion date from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in Andover?
On the day of completion you will not be required to go to the conveyancers office in Andover. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s lawyers, and once they have received this, you should be invited to collect the keys from the property Agents and move into your new home. This tends to happen early afternoon.
I have finally had an offer on an apartment in Andover accepted, the sellers do however have a dependent purchase. The vendors have put an offer on a flat, however it’s not yet tied up, and are looking at other apartments in the pipeline. I have chosen a nearby conveyancing solicitor in Andover. What should be my next step? At what point should I apply for the mortgage with Principality?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then valuation, Andover conveyancing search charges, etc). The first thing to do is check that your lawyer is on the Principality approved list. Concerning the subsequent phase this very much dictated by the uniqueness of your case, motivation for the property and on the state of the market. In a hot market many purchasers would apply for a home loan with Principality and pay for the valuation and only if it was satisfactory would they request their lawyer to press on with the conveyancing in Andover.
I'm buying my first flat in Andover with a loan from TSB. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my solicitor about this extras as it could impact my mortgage with TSB. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I own a leasehold flat in Andover. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Andover who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Andover conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a split level flat in Andover, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Corresponding flats in Andover with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2095
With just 69 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.