Due to complete my purchase in Twyford next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the bank expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Twyford.
We have agreed to purchase a house in Twyford. A rare aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is RBS your lawyer must follow the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and conveyancers are required to report to RBS where a lease fails to comply with these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Twyford.
I have decided to exercise my right to buy my property in Twyford off the council. I have a mortgage offer with Barclays. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
Lloyds have agreed my mortgage in principle, my offer on a apartment in Twyford has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Telephone Lloyds or your financial adviser and finalise any relevant documentation. Lloyds will appoint a valuer who will get in contact with the selling agent or seller to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. Lloyds will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Twyford.
I used Wolstenholmes a few years ago for my conveyancing in Twyford. Now, I need my files however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Twyford of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Twyford differ for newly converted properties?
Most buyers of new build property in Twyford contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Twyford usually buy the site, 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 used to new build conveyancing in Twyford or who has acted in the same development.
I decided to have a survey carried out on a house in Twyford before instructing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders will not issue a mortgage on this type of property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Twyford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Twyford to see if the conveyancing will be more expensive.