We are buying a 1 bedroom apartment in Stanwick with a mortgage. We have a Stanwick solicitor, however the mortgage company says he's not on their "panel". It seems we have little choice but to use one of the bank panel conveyancing practices or keep our Stanwick lawyer as well as pay for one of their panel firms to represent them. This seems very unfair; are we not able to require that the mortgage company use our Stanwick property lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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. A further alternative is for your Stanwick conveyancing solicitor to apply to be on the conveyancing panel.
Can you explain why leasehold purchase conveyancing in Stanwick costs more?
In summary, leasehold conveyancing in Stanwick and elsewhere usually requires additional hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord about the service of applicable notices, securing up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
Forgive me if this question is silly but I am wet behind the ears as a first time purchaser of a ground floor flat in Stanwick. Do I receive the keys to the premises on the completion date from my conveyancer? If so, I will find a local conveyancing solicitor in Stanwick?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the owner’s conveyancers, and once they have received this, you should be able to collect the keys from the property Agents and move into your new home. Usually this happens early afternoon.
I am purchasing a property in Stanwick. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
As your lender is Leeds Building Society your lawyer must follow the conveyancing instructions outlined in Section two of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Leeds Building Society where a lease does not comply with these conditions. The specifications relate to the installation of panels on properties nationwide and is not restricted to Stanwick.
Principality have agreed my home loan in principle, my bid on a house in Stanwick has been agreed to, what are the next steps?
The property agent will need to be informed of your property lawyer's details (make sure the conveyancing practitioners are on the bank’s panel). Contact Principality or your broker and complete any appropriate paperwork. Principality will sellect a valuer who will get in contact with the estate agent or vendor to book a time for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Principality will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Stanwick.
I have todaybecome aware that Stirling Law have closed. They carried out my conveyancing in Stanwick for a purchase of a leasehold flat 18 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Stanwick conveyancing specialists.
I'm buying a new build house in Stanwick benefiting from help to buy. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The estate agent told me not disclose to my conveyancer about this side-deal as it may put at risk my loan with the lender. 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.
When it comes to my conveyancing in Stanwick 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 Stanwick conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.