I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would prefer to instruct a Bury St Edmunds based conveyancing firm?
You should check but the chances are that allocate you one of their panel solicitors where you accept the "fee-free" deal. Contact the mortgage company and determine if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Bury St Edmunds.
I currently have a mortgage with Kent Reliance for my property in Bury St Edmunds. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
You must advise Kent Reliance in advance of letting out your property as this is likely to be a breach of Kent Reliance’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 Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel solicitor.
I am due to exchange contracts on my flat. I had a double glazing fitted in October 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Santander are being difficult. The Bury St Edmunds solicitor who is on the Santander conveyancing panel is saying indemnity insurance will be fine but Santander are insisting on a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I had an offer accepted on an apartment in Bury St Edmunds on 27/2/2019, valuation was booked 4 days later, received a clean bill of health. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Are Leeds Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly identified during conveyancing in Bury St Edmunds?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Bury St Edmunds. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Bury St Edmunds differ for newly converted properties?
Most buyers of new build residence in Bury St Edmunds come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Bury St Edmunds usually acquire the land, 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 property lawyers 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 Bury St Edmunds or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Bury St Edmunds is where the house is located. Can you shed any light on this issue?
Flying freeholds in Bury St Edmunds are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bury St Edmunds you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bury St Edmunds may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.