Our Otley lawyer has uncovered a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is in the title deeds. My solicitor informs me that he needs to check that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?
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.
My husband and I are hoping to buy a newly converted flat in Otley with a residential mortgage from Bank of Ireland.We like our Otley conveyancing solicitor but Bank of Ireland says she’s not listed on their approved list of firms. We have to appoint a Bank of Ireland panel solicitor or retain our preferred solicitor and pay for a Bank of Ireland panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you is subject to its terms and conditions, a common one being that lawyers must be on the Bank of Ireland solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Bank of Ireland
How does conveyancing in Otley differ for newly converted properties?
Most buyers of new build residence in Otley contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Otley typically acquire the site, 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 used to new build conveyancing in Otley or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Otley I like with open areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Otley for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
My husband and I are first time buyers - agreed a price, yet the agent has warned us that the vendor will only move forward if we use the agent's preferred lawyers as they need a ‘quick sale’. We would rather use a local conveyancer who is familiar with conveyancing in Otley
We suspect that the owner is not behind this request. If they require ‘a quick sale', alienating a genuine buyer is not the way to achieve this. Try to communicate with the sellers directly and make sure they comprehend that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you are going to use your preferred Otley conveyancing solicitors - not the ones that will earn the negotiator at the agency a commission or meet his conveyancing thresholds set by HQ.