Effective from 22 June 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 £75,000. If the customer is porting an existing Abbey product and wishing
to top up with a new rate, the top
To find out more speak to your Abbey for Intermediaries sales consultant or call 0870 6000 367.
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0870 6000
367