My St George solicitor has discovered a discrepancy when comparing the assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your conveyancing practitioner 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.
Do lenders provide you with an approved list of St George conveyancing solicitors? How do you know who is on the Kent Reliance conveyancing panel?
St George conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
We are selling our house in St George. Will my solicitor have to be required to be on the Bank of Ireland conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Bank of Ireland conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
Is it the case that all St George CQS (Conveyancing Quality Scheme) solicitors are on the Kent Reliance conveyancing list of approved practices?
Some major banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
I'm in the process of looking at houses in St George and I am about to put in an offer. Should I already have a solicitor in place at this point? I intend to finance via a home loan with Kent Reliance.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are seeking a mortgage with Kent Reliance, make sure you remember to check that your lawyer is on the Kent Reliance conveyancing panel.
Coventry BS have agreed my home loan in principle, my offer on a property in St George has been accepted, now what?
Your property agent will wish to know who your solicitors are (be sure the property lawyers are on the lender’s approved list). Telephone Coventry BS or the financial adviser and finalise any outstanding paperwork. Coventry BS will sellect a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. Coventry BS will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in St George.
Estate agents have just been given the go-ahead to market my 2 bed flat in St George. Conveyancing is yet to be initiated, however I have recently received a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as you normally would given that all ground rent and maintenance payments will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
St George Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
Many St George leasehold properties will be liable to pay a service bill for maintenance of the building invoiced on behalf of the management company. Should you purchase the flat you will have to pay this amount, usually in instalments throughout the year. This may be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge for you to pay annual, this is usually not a large figure, say around £50-£100 but you should to enquire as on occasion it can be many hundreds of pounds. Does the lease include onerous restrictions?