We are a couple about to exchange contracts for a leasehold flat in Cardigan. We have hit a stumbling block. Our mortgage offer with Lloyds TSB Bank expires on 7/2/2019 but the vendors are insisting on a completion date of 11/2/2019. Is it possible to extend the mortgage offer?
The best person to deal with your issue is your conveyancer who will assess whether they should be discussing with the lender, vendor’s lawyers, estate agents or conceivably all parties given the circumstances your conveyancing to date.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Lloyds Solicitor panel ahead of completing my conveyancing in Cardigan?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We had instructed conveyancers locally in Cardigan on the Clydesdale solicitor panel. They have just billed me a separate fee for handling the Clydesdale mortgage. Is this a supplemental conveyancing fee specified by Clydesdale?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancer can levy a fee for this. The charge is not dictated by Clydesdale but by your Cardigan solicitor. Numerous firms on the Clydesdale panel will levy ’dealing with mortgage’ fee and others do not.
We are getting a further advance on our home loan from Yorkshire BS as we intend to conduct alterations to our home in Cardigan. Do we need to select a high street Cardigan solicitor on the Yorkshire BS conveyancing panel to handle the paperwork?
Yorkshire BS don't usually instruct firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS panel.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Cardigan bank branch on various occasions and was informed it wasn't a problem and they would lend. My Cardigan conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
The property lawyer must follow the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Is it possible to swap solicitor as I have to select one who is on the Bank of Scotland conveyancing list. I hired a local conveyancing solicitor in Cardigan round the corner but the firm is not accepted by Bank of Scotland
It would be our pleasure to assist you select a conveyancing solicitor in Cardigan on the Bank of Scotland panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Cardigan. In utilising the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Cardigan.
Am I better off to choose a Cardigan conveyancing solicitor who is local to the property I am buying? I have an old university friend who can deal with the legal formalities however her office is over three hundred kilometers away.
The benefit of a high street Cardigan conveyancing firm is that you can pop in to sign documents, present your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and in the main were content that must surpass using an unfamiliar Cardigan conveyancing lawyer solely due to them being based in the area.