My husband and I are planning to purchase a property in Twyford and are in fact using a Twyford conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Ireland have this evening contacted us to advise us that there is now an issue as our Twyford lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Twyford solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
About to place an offer on a leasehold apartment in Twyford. The selling agents tell me that it is the norm for flats in Twyford to have less than 75 years left on the lease. I am obtaining a mortgage with Accord Mortgages. Is this going to be a problem if the lease has 72 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/4/2021 the requirements read as follows :
Is it the case that all Twyford conveyancing solicitors on the Principality conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
I have decided to exercise my right to buy my property in Twyford off the council. I have a mortgage agreed with Coventry BS. Conveyancing is new to me. 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 Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
The mortgage over my property is with Leeds Building Society for my property in Twyford. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval before letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society 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 Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel lawyer.
Should our solicitor be raising enquiries concerning flooding as part of the conveyancing in Twyford.
Flooding is a growing risk for conveyancers dealing with homes in Twyford. There are those who buy a property in Twyford, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a number of checks that may be carried out by the purchaser or by their conveyancers which will figure out the risks in Twyford. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser could issue a claim for damages as a result of such an misleading answer. A purchaser’s lawyers will also order an environmental report. This should indicate whether there is any known flood risk. If so, more detailed investigations will need to be made.
I am buying a new build flat in Twyford. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Twyford
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan.