We are about to exchange contracts for a ground floor flat in South Molton. We have hit a snag. Our loan offer with The Mortgage Works runs out on 9/7/2024 but the sellers are insisting on a completion date of 11/7/2024. Is it possible to prolong the mortgage offer?
The best person to deal with your issue is your conveyancer who should assess whether they corresponding with the mortgage broker, seller’s representatives, property agents or conceivably all parties based on what has happend in your house move to date.
I had intended to instruct a conveyancing solicitor in South Molton for our house purchase. Our broker informed us that our bank Bank of Scotland won't deal with them. Surely this is unfair competition?
A decade ago most banks had an appetite for risk which was higher than today. Almost all South Molton conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms about their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many South Molton conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. South Molton is amongst the hundreds of areas where the solicitors we recommend are are authorised to act for Bank of Scotland.
I just bought a property at auction in South Molton. Conveyancing is necessary. What is next?
Now that you have exchanged you must find a conveyancing lawyer as a matter of urgency as you are facing a tight a drop dead date to complete the conveyancing. An auction property will ordinarily have a corresponding legal pack. This will likely include most,if not all of the paperwork that your conveyancer will need. Where you are dealing with leasehold premises the conveyancing pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You should hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
We have a mortgage agreed in principle with Aldermore. South Molton conveyancing solicitors were appointed. What is the average time that one could expect to receive a mortgage offer from Aldermore?
There is no definitive answer here. Have Aldermore done the valuation? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I had an offer accepted on an apartment in South Molton on 22/3/2024, valuation was booked 3 days later, all came back fine. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Nottingham and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nottingham conveyancing panel. Are Nottingham entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Despite weeks of looking the Title Certificate and documents to our house are lost. The solicitors who handled the conveyancing in South Molton 5 years ago no longer exist. Will I be able to sell the house?
In today’s world there are copies made of almost everything, and your conveyancer should be aware precisely where to locate all the suitable documentation so you may buy or dispose of your property without any difficulty. Where duplicates are not available, your lawyer may be able to arrange cover in the form of insurance or indemnities against future claims on the property.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. South Molton is where the house is located. What do you suggest?
Flying freeholds in South Molton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside South Molton you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Molton 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.