I am expecting a offer of a home loan from Lloyds. I hope to use a Licensed Conveyancer in Reading. Does the Lloyds Conveyancing panel exclude conveyancers regulated by the CLC?
The Lloyds approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are about to sign contracts for a property in Reading. We encountered a stumbling block. The loan offer with Bank of Ireland expires on 25/9/2024 but the sellers are putting forward a completion date of 27/9/2024. Is it possible to extend the mortgage offer?
The person best placed to address this issue is your solicitors who is in a position to determine if he or she is corresponding with the bank, seller’s representatives, property agents or indeed all three based on what has gone on in your house move as of today.
The Reading conveyancing solicitors that I recently instructed on my house acquisition in Reading have without warning closed. They were on acting for me because I had to have a lawyer on the Bank of Ireland conveyancing panel and my preferred Reading lawyer was not. I sent them a cheque for two hundred pounds in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
How does conveyancing in Reading differ for new build properties?
Most buyers of new build residence in Reading approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Reading usually buy 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 conveyancing solicitors 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 Reading or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Reading is the location of the property. Can you offer any advice?
Flying freeholds in Reading are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Reading you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Reading may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.