Is the fact that my solicitor in Wigton is not on my mortgage company's solicitor panel that there is a problem with the standard of her conveyancing?
That is most likely a wrong assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Wigton conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
We are about to exchange contracts for a property in Wigton. We encountered a snag. The mortgage offer with Britannia expires on 27/9/2024 but the vendors are putting forward a completion date of 1/10/2024. Is it possible to prolong the loan expiry date?
The best person to deal with your question is your lawyer who is in a position to calculate if he or she is better off negotiating with the bank, owner’s lawyers, estate agents or indeed all three given the history of your house move to date.
Despite weeks of looking the Title Certificate and documents to our home are lost. The conveyancers who handled the conveyancing in Wigton 10 years ago no longer exist. What are my options?
In today’s world there are copies made of almost everything, and your conveyancer will be aware precisely where to locate all the suitable documentation so you may buy or dispose of your property without a hitch. Where duplicates are not available, your solicitor can arrange cover in the form of insurance or indemnities against future claims on the premises.
I am purchasing a new build house in Wigton with the aid of help to buy. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about the side-deal as it may affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Our lawyer in Wigton has uncovered a defect with the lease for the apartment we are purchasing in Wigton. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.