My Great Missenden solicitor has spotted a discrepancy when comparing the surveyor’s assumptions in the valuation survey and what is revealed within the legal papers for the property. My solicitor says that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We wanted to use a conveyancing solicitor in Great Missenden for our house purchase. Our broker has since notified us that our mortgage lenders Santander won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Great Missenden conveyancing firms would have been on many bank panels. The financial services regulator in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum number of transactions. Many Great Missenden 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. Great Missenden is amongst the many areas where the solicitors showing on our search results are are approved Santander.
I have been told by my lawyer that lack of planning permission insurance is required on my purchase. What is the level of cover for Great Missenden conveyancing?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
Is it correct that all Great Missenden CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing list of approved practices?
Some major lenders now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
The mortgage over my property is with Leeds Building Society for my property in Great Missenden. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention prior to renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel firm.
We are 14 days into a residential purchase having been recommend to conveyancers by the selling agent to handle our conveyancing in Great Missenden. I am am very frustrated with the quality of service. Can you you assist me in finding new lawyers?
They would have to be very bad in order to consider changing them. Has the mortgage been generated? In the event that it has you will need to make them aware of the replacement solicitor and get the mortgage documents are re-sent. Your new solicitor ideally needs to be on the mortgage company approved list to avoid added fees and delays. So that should be your starting point. Our find a solicitor tool will assist you in finding a bank approved conveyancer for your conveyancing in Great Missenden
My conveyancers in Great Missenden have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.