When can the exchange of contracts happen for purchase conveyancing in Surrey and am I required to be at the solicitors office?

Where you are local to our conveyancing solicitors in Surrey you are welcome to attend to sign contracts. However, the lender approved solicitors we recommend supply a countrywide conveyancing service and provide just as comprehensive and professional a job for you when communicating with you by post or email. The executing of the sale agreement is not the point of no return. A signed contract is necessary for the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Surrey)to be in the office available at the end of the phone to exchange contracts.

Do the Building Society Association intend to launch a online directory to list practices on the Loughborough BS conveyancing panel for instance in Surrey?

We are not aware of any plans on the part of the BSA to promote such a search facility.

I have a mortgage with Skipton for my property in Surrey. Conveyancing was finalised a year ago. If I am intending 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 Skipton?

Skipton must be informed of your intention before letting out your property as this is likely to be a breach of Skipton’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 Skipton directly. You need not do this via a Skipton conveyancing panel firm.

It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Surrey building society branch on a couple of occasions and was reassured it wasn't an issue and they would lend. My Surrey conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.

The property lawyer has to follow the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.

I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Surrey solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?

Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality 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 Surrey 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.

How does conveyancing in Surrey differ for newly converted properties?

Most buyers of new build property in Surrey contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Surrey usually purchase the real estate, 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 accustomed to new build conveyancing in Surrey or who has acted in the same development.

Can you provide any advice for leasehold conveyancing in Surrey with the intention of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Surrey can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
The majority of landlords or managing agents in Surrey charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Surrey. If you hold a share in a the freehold, you should make sure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy formality and slows down many a Surrey home move. Where a new share is needed, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. Some Surrey leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.

Leasehold Conveyancing in Surrey - A selection of Queries before buying

What is the the remaining lease term? Please note that where the lease has less than 80 years it will have adverse implications on the value of the apartment. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would need to own the property for 24 months in order to be eligible to extend the lease. The best form of lease arrangement is if the freehold title is owned by the leaseholders. In this scenario the leaseholders enjoy control and notwithstanding that a managing agent is frequently employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.