My fiance and I are planning to buy a home in Kingsnorth and have instructed a Kingsnorth conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Chelsea Building Society have this evening contacted us to advise us that there is now an issue as our Kingsnorth solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Kingsnorth lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
How can we know in advance if a Kingsnorth conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Kingsnorth seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor conducting your conveyancing.
I have a mortgage with Aldermore for my property in Kingsnorth. Conveyancing was finalised 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 Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel solicitor.
I have instructed a Kingsnorth property lawyer having checked that they are on the Barclays conveyancing panel. Does my lawyer arrange the survey of the property?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays 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 Kingsnorth 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.
4 months have elapsed following my purchase conveyancing in Kingsnorth concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am in need of some leasehold conveyancing in Kingsnorth. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Kingsnorth - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Kingsnorth - A selection of Queries Prior to Purchasing
How is the lease structured? Does the lease have in excess of 80 years left? It would be prudent to find out as much as possible concerning the managing agents as they can either make your life much easier or uncomfortable. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the communal areas. You should not be afraid to ask prospective neighbours what they think of them. In conclusion, be sure you know the dates that the service fees are due to the managing agents and precisely what it includes.
When it comes to my conveyancing in Kingsnorth should I be charged 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 Kingsnorth conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.