Our Malden Rushett solicitor has discovered a difference when comparing the assumptions in the valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he must ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach 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.
My fiance and I are hoping to buy a newly converted apartment in Malden Rushett with a residential mortgage from Nottingham Building Society.We use our Malden Rushett conveyancing practitioner but Nottingham Building Society advised that his firm is not listed on their "panel". we are left little option but to use a Nottingham Building Society panel firm or retain our preferred solicitor and pay 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 loan issued to you is subject to its terms and conditions, a common one being that conveyancers will be on the Nottingham Building Society approved list. in the past, most banks had large numbers of solicitors 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 Nottingham Building Society
Forgive me if this question is silly but I am new to the home buying as a 1st time buyer of a ground floor flat in Malden Rushett. Do I pick up the keys to the premises on completion from my conveyancer? If so, I will instruct a High Street conveyancing solicitor in Malden Rushett?
On the day of completion you do not need to go to the conveyancers office in Malden Rushett. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be invited to collect the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
Is it the case that all Malden Rushett CQS (Conveyancing Quality Scheme) solicitors are on the Kent Reliance conveyancing panel?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s 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 firms wishing to remain on their approved list of firms.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Malden Rushett solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Malden Rushett surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
We are selling our property in Malden Rushett and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in Malden Rushett. We have lived in Malden Rushett for many years we know of no issue. Should we contact our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing firm already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Should I appoint a Malden Rushett conveyancing solicitor based in the vicinity that I am buying? An old friend can handle the conveyancing but his firm is located a couple of hundredkilometers drive away.
The benefit of a high street Malden Rushett conveyancing firm is that you can drop in to sign paperwork, hand in your ID and pester them if necessary. Having local Malden Rushett know how is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were impressed that must outweigh using an unfamiliar Malden Rushett conveyancing solicitor just because they are Malden Rushett based.
Do I cancel my mortgage payments with Santander once a completion date for my home sale in Malden Rushett has been set?
You would be well advised to keep meeting any mortgage payments to Santander until the mortgage is paid off out of the proceeds of sale as part of your Malden Rushett conveyancing.