My fiance and I are planning to acquire a flat in Wellesbourne and are in fact using a Wellesbourne conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Leeds Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Wellesbourne solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers 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 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 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 Wellesbourne solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are due to complete buying a house in Wellesbourne but as a result of wreckage from some water damage at the property I have managed to agree compensation from the seller in the sum of £2k taking the form of a reduction in the price. This was going to be addressed as part of the conveyancing process yet Principality will not agree to this. Why were they informed?
Any property lawyer being on a Principality conveyancing panel is required to inform Principality of any amendments to the sale price. If you prohibit your lawyer to report the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new conveyancing practitioner for your conveyancing in Wellesbourne.
We see that you have a post code search directory identifying law firms on the RBS conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Wellesbourne?
We are a listing service only for law firms wishing to communicate if they are on the RBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wellesbourne.
Have just purchased a repossessed house at auction in Wellesbourne. Conveyancing is needed. What is next?
Now that you have legally bound yourself to purchase you should retain a conveyancing lawyer quickly as you are facing a tight a drop dead date to complete the purchase. An auction property should have a corresponding auction set of papers. This will likely include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the conveyancing papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You must pass this on to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
This question may be naive but I am unseasoned as FTB of a two bedroom flat in Wellesbourne. Do I pick up the keys to the house on completion from my conveyancer? If so, I will use a local conveyancing solicitor in Wellesbourne?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the owner’s solicitors, and once they have received this, you should be able to pick up the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
We have agreed to purchase a house in Wellesbourne. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As you are obtaining a mortgage with TSB your lawyer must comply with the conveyancing instructions set out in Section 2 of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook contains minimum specifications for solar panel roof-space leases, and solicitors are required to report to TSB where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Wellesbourne.
Should my solicitor be raising questions concerning flooding as part of the conveyancing in Wellesbourne.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Wellesbourne. Plenty of people will acquire a property in Wellesbourne, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Wellesbourne. The standard completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to determine whether the property has suffered from flooding. If flooding has previously occurred and is not disclosed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an incorrect response. The buyer’s conveyancers may also commission an enviro search. This should indicate if there is a recorded flood risk. If so, further inquiries should be initiated.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Wellesbourne is the location of the property. Can you offer any opinion?
Flying freeholds in Wellesbourne are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wellesbourne you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wellesbourne may decide 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 residence.