My wife and I are hoping to acquire a home in Mold and have instructed a Mold conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Mold lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Mold lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We were just about to sign contracts for a ground floor flat in Mold. We encountered a snag. The mortgage offer with Birmingham Midshires expires on 16/9/2024 but the vendors are insisting on a completion date of 18/9/2024. Is it possible to extend the loan offer?
The person best placed to deal with your concern is your lawyer who should determine if they better off negotiating with the lender, seller’s lawyers, property agents or indeed all parties taking into account the circumstances your house move as of today.
Do conveyancers ask for an advanced payment when it comes to conveyancing in Mold?
If you are buying a property in Mold your solicitor will ask you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the purchase price then this should be needed immediately ahead of exchange of contracts. The closing balance that is needed should be sent to your lawyer shortly before completion.
The deeds to our home can not be found. The lawyers who handled the conveyancing in Mold 5 years ago no longer exist. What are my options?
You no longer need to hold title official documentation to establish that you are the registered proprietor of land or premises, given that the Land Registry have everything they need in a digital format.
I am purchasing a new build house in Mold with the aid of help to buy. The sellers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not to tell my lawyer about the side-deal as it will affect my loan with Nationwide Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I need to swap lawyers as my Mold lawyer is not on the lender's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to commence the conveyancing and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Mold that you're thinking of instructing.