We are about to exchange contracts for a property in Umberleigh. We have hit a stumbling block. Our loan offer with Platform Home Loans Ltd expires on 2/3/2026 but the owners are insisting on a completion date of 4/3/2026. Can one extend the mortgage offer?
The person best placed to address this issue is your conveyancer who is in a position to determine if he or she is corresponding with the bank, owner’s representatives, selling agents or conceivably all parties based on the circumstances your conveyancing as of today.
Please explain the implications if my solicitor is expelled from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Umberleigh?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is it the case that all Umberleigh CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing panel?
A selection of banks and building societies now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
I'm at the point of viewing apartments in Umberleigh and I am about to put in an offer. Is it sensible to have a conveyancer on ‘stand by’? I will be getting a mortgage with Virgin Money.
It would be prudent to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are obtaining a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
Planning on purchasing a maisonette in Umberleigh. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Umberleigh conveyancing practitioner is on the Kent Reliance conveyancing panel.
How does conveyancing in Umberleigh differ for new build properties?
Most buyers of new build or newly converted property in Umberleigh come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Umberleigh usually 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 used to new build conveyancing in Umberleigh or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Umberleigh in advance of appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks may not issue a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Umberleigh. Conveyancing may be slightly more expensive based on your lender's requirements.