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approved by Landmark

Landmark Mortgages’s approved solicitor list is, like many other lenders associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.

Your lawyer is obliged to check with Landmark Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Landmark Mortgages if you agree, failing which, your lawyer must cease to continue acting.

Most conveyancing panel lawyers for Landmark Mortgages undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.

In theory, you could use a solicitor that is not on Landmark Mortgages conveyancing panel, but Landmark Mortgages would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

You will need a solicitor but they need not be on the Landmark Mortgages conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.

Your original mortgage agreement with Landmark Mortgages will provide that you need their approval in advance of renting your property as this is likely to be a breach of Landmark Mortgages’s mortgage conditions. In many cases banks or building societies 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 Landmark Mortgages directly. It should not be necessary to do this via a Landmark Mortgages conveyancing panel firm.

Landmark Mortgages will need an independent valuation of the property. Your lawyer will not arrange this. Usually Landmark Mortgages 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 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. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Landmark Mortgages you could contact your them to see if they have a list of approved surveyors.