The mortgage over my property is with Leeds Building Society for my property in Basingstoke. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention in advance of renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel solicitor.
My offer was accepted on a house in Basingstoke on 10/1/2024, valuation was booked 3 days later, received a clean bill of health. Solicitor retained, so all that was missing was my mortgage offer. Having made daily calls to Principality and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Principality conveyancing panel. Are Principality entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
After shopping around on the internet I have found a Basingstoke solicitor having checked that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Basingstoke surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been told that property searches are the primary reason for hinderance in Basingstoke house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Basingstoke.
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Basingstoke I like with amenity areas and transport links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Basingstoke suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I have been advised by a number of property agents in Basingstoke to choose a conveyancer on your site. Is there a financial advantage for Estate Agents to recommend your lawyers ahead of alternative conveyancing organisations?
We don’t give any referral fee for sending work our way. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to instruct a conveyancing solicitor for freehold conveyancing in Basingstoke. I happened to discover a web site which appears to be the ideal solution If it is possible to get all formalities completed via email that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
How much should conveyancing in Basingstoke cost?
The total sum levied for conveyancing in Basingstoke are likely to be calculated at:
- a standard sum; or
- on a time spent basis (i.e. the time spent on the particular case).
These days very few Basingstoke conveyancing companies invoice by the clock