We were just about to sign contracts for a ground floor flat in Mumbles. We encountered a stumbling block. The loan offer with Bank of Ireland expires on 3/4/2019 but the owners are insisting on a completion date of 5/4/2019. Can one prolong the loan offer?
The person best placed to address this issue is your conveyancer who should determine if he or she is better off negotiating with the bank, seller’s lawyers, estate agents or possibly all three taking into account what has happend in your transaction to date.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Mumbles. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 3/2/2019, the requirements read as follows :
My wife and I are purchasing a property in Mumbles. It might be a silly question but how we can trust a conveyancer? At some point we have to put funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My wife and I have arranged the release of further monies on our home loan from Lloyds as we intend to conduct alterations to our property in Mumbles. Are we obliged to choose a bricks and mortar Mumbles solicitor on the Lloyds conveyancing panel to deal with the legals?
Lloyds do not ordinarily require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds conveyancing panel.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Mumbles building society branch on a couple of occasions and was advised it wasn't an issue and they would lend. My Mumbles conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the lawyer is on the lender approved list, they must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Should our conveyancer be raising enquiries regarding flooding during the conveyancing in Mumbles.
Flooding is a growing risk for solicitors dealing with homes in Mumbles. There are those who acquire a property in Mumbles, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a various checks that can be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Mumbles. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to discover if the premises has suffered from flooding. If the premises has been flooded in past which is not revealed by the seller, then a purchaser may bring a claim for damages as a result of such an incorrect reply. The purchaser’s lawyers may also conduct an enviro report. This should indicate whether there is a recorded flood risk. If so, additional inquiries should be conducted.
How does conveyancing in Mumbles differ for newly converted properties?
Most buyers of new build residence in Mumbles come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Mumbles tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Mumbles or who has acted in the same development.