I am hoping to complete my purchase in Berkshire 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 lender expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 Part 2 conditions. These obligations are not unique to conveyancing in Berkshire.
When it comes to mortgage companies such as Skipton, do Berkshire conveyancers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Berkshire. An unusual aspect is that the roof has a solar panel. Lloyds 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 Lloyds your lawyer must check the conveyancing requirements contained in Part 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook contains minimum specifications for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease does not meet these specifications. The conditions relate to the installation of panels on properties nationwide and is not limited to Berkshire.
After what seems like an age I have had an offer on a maisonette in Berkshire accepted, the vendors do nevertheless have a connected purchase. The sellers have placed an offer on a property, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have chosen a local conveyancing solicitor in Berkshire. What do I do now? When should I get the mortgage application with TSB going?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then survey, Berkshire conveyancing search costs, etc). First, you should ensure that your lawyer is on the TSB conveyancing panel. Regarding the subsequent stages this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. During a buoyant market many purchasers will apply for the mortgage with TSB and pay for the valuation and only if it comes back ok would they ask their conveyancing practitioner to press on with searches.
Is it possible to switch conveyancer as I need to find one who is on the Barclays conveyancing panel. I instructed a high street conveyancing solicitor in Berkshire five minutes from me but the firm is not accepted by Barclays
It would be our pleasure to help you find a conveyancing solicitor in Berkshire on the Barclays panel. Please note that the law firms that we on the directory do not pay us commission if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Berkshire. In utilising the find a conveyancing solicitor tool on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Berkshire.
I need to instruct a conveyancing solicitor in Berkshire for my remortgage. Is it possible to review a solicitor's complaints history with the legal regulator?
One can review presented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. For information Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The SRA may recorded call for training reasons.
What makes a Berkshire lease unmortgageable?
There is nothing unique about leasehold conveyancing in Berkshire. All leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
A provision to repair to or maintain parts of the property
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
Leasehold Conveyancing in Berkshire - Examples of Questions you should ask before buying
-
What is the name of the managing agents? The prefered form of lease structure is a share of the freehold. In this scenario the lessees enjoy control and although a managing agent is frequently employed if the building is larger than a house conversion, the managing agent is directed by the tenants. Where a Berkshire lease has less than 80 years it will have adverse implications on the salability of the property. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have owned the property for 24 months before you are entitled to carry out a lease extension.
How up-to-date is your database of lawyers on the bank conveyancing panel in Berkshire? Do the banks send you an updated list?
Berkshire law firm practices and firms carrying out conveyancing in Berkshire themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the lender directly.