I sincerely hope you can help me. My Parkstone solicitor is advising me that he has toapply for Parkstone conveyancing searches asthe firm are on the Lloydssolicitor panel. These Parkstone checks cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Parkstone conveyancing searches.
I am purchasing a property in Parkstone. One unusual aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is TSB your lawyer must comply with the formal requirements outlined in Section two of UK Finance Lenders’ Handbook for TSB. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease fails to satisfy these specifications. The specifications relate to the installation of panels on properties nationwide and is not isolated to Parkstone.
We expect to receive a OIP from Nationwide this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Parkstone solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Parkstone solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I currently have a mortgage with Principality for my property in Parkstone. Conveyancing has been completed some time 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 buy-to-let mortgage or inform Principality?
You must advise Principality prior to renting your property as this is likely to be a breach of Principality’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 Principality directly. It should not be necessary to do this via a Principality conveyancing panel firm.
How does conveyancing in Parkstone differ for new build properties?
Most buyers of new build residence in Parkstone come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Parkstone typically acquire the real estate, 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 Parkstone or who has acted in the same development.
I'm converting the mortgage on my current house to a buy to let mortgage with Chelsea Building Society and I will use the rest of the raised equity as a deposit on further house. The area we are looking at is Parkstone. Will your lawyers be able to act for both sets of banks and link together the two deals?
Make use of our search tool on this site to check that the lawyers are approved by both lenders. On the basis that they are your conveyancer will be able to connect the two deals but you should talk with you solicitor and make clear your expectations and requirements.
My partner has encouraged me to appoint his conveyancing solicitors in Parkstone. Should I use them?
Much as we are happy to recommend a Parkstone conveyancing lawyer the best way to select a conveyancing solicitor is to get referrals from friends or family who have previously instructed the conveyancer you're are thinking of instructing.
Last June I purchased a leasehold house in Parkstone. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Parkstone Leasehold Conveyancing - Sample of Queries before Purchasing
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Are any of leasehold owners in arrears of their service charge payments? The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants enjoy being in charge if their destiny and although a managing agent is frequently retained where the building is larger than a house conversion, the managing agent employed by the leaseholders. Does this lease have in excess of 80 years left?