I am in the process of selling my home in Kimbolton and the EA has just text me to warn that the purchasers are swapping solicitor. The excuse is that the mortgage company will only work with solicitors on their approved list. On what basis would a leading lender only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Kimbolton ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Kimbolton. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
Is it the case that all Kimbolton solicitor practices on the HSBC conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the HSBC conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I have decided to exercise my right to buy my property in Kimbolton off the council. I have a mortgage offer with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
I have a mortgage with UBS for my property in Kimbolton. Conveyancing has been completed months ago. In the event that I decide 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 UBS?
UBS must be informed of your intention prior to letting out your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies 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 UBS directly. It should not be necessary to do this via a UBS conveyancing panel solicitor.
I am selling my home. My former lawyers have shut. I would be grateful for any recommendation of a conveyancing firm. Im based in Kimbolton if that affects matters.
Please use our search tool to help you find a solicitor for your conveyancing in Kimbolton. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I am intending to let out my leasehold apartment in Kimbolton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease governs the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Kimbolton do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Kimbolton Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Its a good idea to discover as much as you can about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the upkeep of the communal areas. Ask other tenants what they think of their management. On a final note, be sure you discover the dates that the maintenance fees are due to the managing agents and precisely how they are spending that money. What is the maintenance charge and ground rent on the apartment? Does the lease contain onerous restrictions?
When it comes to my conveyancing in Kimbolton 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 Kimbolton conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.