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Find a Swanage Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Swanage? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Swanage home move at risk of delay or failure.

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Recently asked questions about conveyancing in Swanage

Do conveyancers request an advanced payment for my conveyancing in Swanage?

Where you are retaining lawyers for conveyancing in Swanage your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the sale price then this should be needed immediately ahead of contracts are exchanged. The closing balance that is needed should be transferred a few days prior to the day of completion.

About to place an offer on a leasehold flat in Swanage. The estate agents say that it is standard for flats in Swanage to have less than 75 years unexpired on the lease. I am obtaining a mortgage with The Mortgage Works. Is this going to be acceptable if the lease has Seventy One years unexpired.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/12/2018 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term. Report to the issuing office if the lease term is shorter than that stated within the Offer and has less than 100 years remaining.(There is no requirement to report if the lease term is lower than that stated on the Offer but still has 100 years or more to run, or if the lease term is longer than that stated on the Offer).

NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.

Can you help - my lawyer says that breach of easement insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Swanage?

The appropriate level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Skipton Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.

Is it the case that all Swanage conveyancing solicitors on the Kent Reliance conveyancing panel are overseen by the Solicitors Regulatory Authority?

As a firm of solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of lenders do list licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.

After what feels like an age I have had an offer on a maisonette in Swanage accepted, but there is a chain. The sellers have placed an offer on a flat, but it’s not yet agreed to, and have viewings of other flats booked. I have chosen a high street conveyancing solicitor in Swanage. What do I do now? When do I get the mortgage application with Yorkshire BS going?

It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Swanage conveyancing search charges, etc). The first thing to do is ensure that your conveyancing practitioner is on the Yorkshire BS approved list. Regarding the next stages this very much depends on the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market the majority of purchasers will apply for the mortgage with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they ask their conveyancer to press on with searches.

Will my conveyancer be raising questions concerning flooding during the conveyancing in Swanage.

The risk of flooding is if increasing concern for conveyancers dealing with homes in Swanage. Plenty of people will acquire a property in Swanage, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.

Lawyers are not best placed to impart advice on flood risk, but there are a numerous checks that may be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Swanage. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to discover if the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer may bring a legal claim for losses as a result of such an misleading answer. A buyer’s conveyancers should also conduct an environmental search. This should higlight whether there is a recorded flood risk. If so, additional inquiries will need to be made.

Are the Swanage conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the lender?

Swanage firms and firms carrying out conveyancing in Swanage themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the lender directly.

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