We were just about to exchange contracts for a freehold house in Bounds Green. We have hit a stumbling block. The loan offer with Skipton Building Society runs out on 6/6/2024 but the owners are insisting on a completion date of 10/6/2024. Is it possible to prolong the mortgage expiry date?
The best person to deal with your concern is your lawyer who should assess if he or she is corresponding with the mortgage company, seller’s conveyancers, property agents or possibly all three taking into account what has happend in your transaction as of today.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Bounds Green so that I can attend their offices if necessary.
Most conveyancing panel lawyers for lenders carry out all of the work via the post, e-mail or over the phone. This means that they can undertake the legal work for your home move no matter where you live in England or Wales. However you should check if you can still book an appointment to visit conveyancing lawyer if you prefer.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Bounds Green. Do I receive the keys to the property on the completion date from my conveyancer? If this is the case, I will use a local conveyancing solicitor in Bounds Green?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the seller's solicitors, and once they have received this, you will be called to receive the keys from the property Agents and start moving into the property. Usually this happens between 1 and 3pm.
We have agreed to purchase a house in Bounds Green. An unusual aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Bank of Ireland your lawyer must comply with the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook contains minimum conditions for solar panel roof-space leases, and solicitors are required to report to Bank of Ireland where a lease fails to satisfy these specifications. The requirements relate to the installation of panels on properties nationwide and is not isolated to Bounds Green.
My offer on a detached house in Bounds Green has been agreed to, but there is a chain. The vendors have offered on on an apartment, however it’s not yet tied up, and have viewings of other apartments booked. I have selected a bricks and mortar conveyancing solicitor in Bounds Green. What should be my next step? When do I get the mortgage application with Nottingham started?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then survey, Bounds Green conveyancing search fees, etc). First, you must check that your lawyer is on the Nottingham conveyancing panel. Concerning the next steps this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. During a rising market the majority of buyers would apply for a home loan with Nottingham and arrange for the valuation and only if it was satisfactory would they ask their lawyer to move forward with searches.
We are four weeks into a residential purchase having been referred to conveyancers by the high street agent to do our conveyancing in Bounds Green. We are not happy. Could you help me find new solicitors?
They would have to be really poor in order to consider replacing them. Has the mortgage been issued? If so you will need to make them aware of the new solicitor and have the loan are issued to the new lawyers. The solicitor ideally needs to be on the banks approved list to avoid escalating fees and delays. That should be your first question of the new lawyers. The search tool can help you find a lender approved conveyancer for your home move in Bounds Green
Our lawyer in Bounds Green has uncovered a a legal deficiency with the lease for the property we are purchasing in Bounds Green. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.