We are buying a 3 bedroom apartment in Toddington with a mortgage. We have a Toddington conveyancer, however the bank advise she’s not on their "panel". It appears that we have no option but to appoint one of the mortgage company panel firms or continue with our Toddington lawyer as well as pay for one of their panel firms to represent them. This seems very unfair; can we not insist that the lender use our Toddington property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Toddington conveyancing solicitor to apply to be on the conveyancing panel.
All was ready to complete my purchase in Toddington next Thursday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
Any lawyer 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 conditions. These obligations are not specific to conveyancing in Toddington.
Can I be sure that the Toddington conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Toddington obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor handling your transaction.
My wife and I have arranged a further advance on our home loan from TSB as we intend to conduct improvements to our home in Toddington. Do we need to appoint a bricks and mortar Toddington solicitor on the TSB conveyancing panel to deal with the paperwork?
TSB do not ordinarily instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
I am expecting a OIP from Co-operative this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Co-operative recommend any Toddington solicitors on the Co-operative conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Toddington solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
Will my solicitor be raising enquiries regarding flooding as part of the conveyancing in Toddington.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Toddington. Plenty of people will acquire a house in Toddington, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or by their conveyancers which should figure out the risks in Toddington. The conventional set of property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to find out whether the premises has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the owner, then a buyer could commence a compensation claim resulting from an misleading answer. A buyer’s conveyancers will also carry out an enviro report. This will higlight if there is a recorded flood risk. If so, further inquiries should be made.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Toddington is where the house is located. Is there any guidance you can give?
Flying freeholds in Toddington are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Toddington you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Toddington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.