Effective from 23 July 2007
Premier Homebuyer Solution
Available to:
All Home movers who are simultaneously buying & selling. It is not available to
First Time Buyers, customers who are purchasing only, customers who are not simultaneously selling &
buying & customers who wish to use their own Solicitor. For instance a customer who is selling a
property as part of a divorce and purchasing a new property, who is employing their own solicitor to
deal with the divorce and sale of the marital home, would not qualify for PHS.
In addition, PHS is not available for customers selling and buying, in
Northern Ireland. This is because The Law Society in Northern Ireland does not deem
an incentive package such as PHS to act in the industry's best interest within NI.
Premier Homebuyer Solution offers customers
Free Standard Legal Work
Free legal conveyancing for the sale and simultaneous purchase of a customer’s new home – provided
by Legal Marketing Service (LMS). This includes the Land Registry Registration fee, applicable up to
£500,000 property price. Customers cannot use their own Solicitors if they wish to benefit from
this Solution for either the sale or the purchase transaction.
Free Valuation
All PHS customers will receive a free valuation for mortgage purposes (up to a property value of
£2.5 million) – provided by Abbey’s Group Survey Office.
Important Facts
If your customer’s property value exceeds £500,000 your customer will need to
pay any difference in the Land Registry registration fee. Your customer will be required to pay the
following 3rd party fees (if they apply to them).
Leasehold properties incur additional legal work which is
not included within the standard legal fees offering. This extra work includes checking the lease
satisfies Abbeys mortgage requirements and covers the cost of the landlord’s fee for registering
the mortgage with the landlord, in accordance with the terms of the lease. This fee must be paid
by the client.
Any Stamp Duty – This is not a legal cost, but a Government
tax and must be paid by the customer.
Standard disbursements are covered but remember - Land
Registry registration fees will be paid up to £500k of the property price. For property prices
above this level, the customer will pay any difference in cost to their nominated LMS panel
solicitor.
Additional work – If any additional work is required which
is not normally associated with a sale/purchase this must be at your customer’s cost. Your customer
will be provided with details of any additional fees or the cost of any additional work, before any
work is carried out. An example would be employing the LMS solicitor to deal with a divorce as well
as sale and purchase of properties.
Should the intended house purchase fall through and the
customer decided to continue with the sale of their existing property, then this must be at their own
cost. The nominated LMS panel solicitor will be happy to continue to act as their solicitor and will
provide a quote prior to work commencing.
Minimum Loan size - The minimum loan size required to benefit
from this solution is £6,000. If the customer is porting an existing Abbey product and wishing to top
up with a new rate, the top.
Abbey National plc, is authorised and regulated by the Financial
Services Authority.
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