My South Petherton and Lambrook conveyancer has spotted a discrepancy when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My solicitor informs me that he needs to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions 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 are hoping to buy a newly converted flat in South Petherton and Lambrook with a residential mortgage from Platform Home Loans Ltd.We like our South Petherton and Lambrook conveyancing solicitor but Platform Home Loans Ltd advised that he's not on their "panel". We have to appoint a Platform Home Loans Ltd panel solicitor or retain our high street solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage issued to you contains terms and conditions, a common one being that solicitors must be on the Platform Home Loans Ltd conveyancing panel. in the past, most banks had large numbers of law firms on their panels: a borrower could choose 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 Platform Home Loans Ltd
I have decided to exercise my right to buy my property in South Petherton and Lambrook off the council. I have a mortgage agreed with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my South Petherton and Lambrook building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My South Petherton and Lambrook conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the conveyancer is on the lender approved list, she or he must follow the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
TSB have agreed my home loan in principle, my offer on a property in South Petherton and Lambrook has been accepted, what happens next?
Your property agent will need to be informed of your conveyancer's details (ensure that the property lawyers are on the bank’s panel). Telephone TSB or the broker and finish off any appropriate documentation. TSB will sellect a valuer who will get in contact with the selling agent or vendor to book a time for the valuation to occur. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. TSB will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in South Petherton and Lambrook.
How does conveyancing in South Petherton and Lambrook differ for newly converted properties?
Most buyers of new build residence in South Petherton and Lambrook contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because house builders in South Petherton and Lambrook tend to buy 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 property lawyers 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 South Petherton and Lambrook or who has acted in the same development.
I need to instruct a conveyancing solicitor for my conveyancing in South Petherton and Lambrook. I have land on a site which appears to be the perfect solution If there is a chance to get all this stuff completed via email that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?