My Redland solicitor has identified a difference when comparing the assumptions in the valuation report and what is in the legal papers for the property. My lawyer says that he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions 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 you.
What does my ID and proof of funds have anything to do with my conveyancing in Redland? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Client Care letter that you need to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to provide ID verification documents, your lawyer will not be able to take you on as a client.
My lawyer in Redland is not on the Bank of Ireland Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the Bank of Ireland approved list?
Your options are as follows:
- Carry on with your preferred Redland lawyers but Bank of Ireland will need to retain a solicitor on their list of acceptable firms. This will result in additional overall legal charges and cause delays.
- Choose a new lawyer to to deal with the purchase, remembering to check they are on the Bank of Ireland panel
Over the last few months I have been searching for a flat up to £305k and identified one close by in Redland I like with open areas and station in the vicinity, however it only has 61 years on the lease. I can't really find anything else in Redland suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
How simple is it to use the search tool to get a fee calculation from a conveyancing solicitor in Redland on the panel for my mortgage?
First choose a bank such as Santander, Coventry Building Society or Nottingham Building Society then choose your preferred area such as Redland. Conveyancing practices in Redland and nationally should be identified.
My father-in-law has suggested that I instruct his conveyancers in Redland. Should I find my own conveyancer?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to have recommendations from friends or relatives who have previously instructed the conveyancer you're are thinking of instructing.