My fiance and I are looking to purchase a flat in Worcester and are in fact using a Worcester conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to advise us that there is now an issue as our Worcester solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. 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 Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Worcester solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am hoping to complete my purchase in Worcester next Tuesday. My lawyer 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 lender. What risks does the lender 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 unique to conveyancing in Worcester.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Does this mean I have to use their panel conveyancer as I would much rather use a Worcester based conveyancing firm?
Do check but the chances are that give you one of their panel conveyancers if you accept the "fee-free" incentive. Contact the mortgage company to explore if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Worcester.
I am looking for a flat up to £195,000 and identified one near me in Worcester I like with amenity areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Worcester suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
My business partner and I are wishing to lease a unit on a shopping parade. Can you recommend conveyancers offering fixed fees for non-domestic conveyancing in Worcester for under 2k?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Worcester, including the sale and acquisition of businesses as well as simply property. Whether you are hoping to purchase or sell a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right solicitor. As for the charges these will vary based on the structure and complexity of the deal. Let us have your contact information or telephone us so that we can furnish you with a detailed commercial conveyancing quote.