We are a couple about to sign contracts for a property in Ruskington. We encountered a stumbling block. Our mortgage offer with Lloyds TSB Bank expires on 11/6/2024 but the sellers are suggesting a completion date of 13/6/2024. Can one extend the loan offer?
The best person to deal with your concern is your conveyancer who will hopefully calculate whether they corresponding with the bank, vendor’s conveyancers, estate agents or conceivably all three taking into account the history of your conveyancing as of today.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Ruskington. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 11/4/2024, the requirements read as follows :
My wife and I are purchasing a apartment in Ruskington. It might be a silly question but how we can trust a lawyer? On completion day we will need to deposit funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have instructed a Ruskington conveyancer having made sure that they are on the Bank of Ireland conveyancing panel. Does my lawyer arrange the survey of the property?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland 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. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ruskington postcode. As you are getting a mortgage with Bank of Ireland, you could contact them to see if they have a list of approved surveyors in Ruskington.
TSB have agreed my home loan in principle, my offer on a flat in Ruskington has been agreed to, what happens next?
The estate agent will need to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s panel). Telephone TSB or your broker and complete any relevant documentation. TSB will sellect a valuer who will get in contact with the estate agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. TSB will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Ruskington.
Are there restrictive covenants that are commonly identified during conveyancing in Ruskington?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Ruskington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing a new build house in Ruskington with a loan from Britannia. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about this deal as it will impact my loan with the lender. Do I keep my lawyer in the dark?.
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.
We are looking to purchase a repression property in Ruskington and the bank selling demand completion inside a week. Do lawyers meet that timeframe? Would it be better to use a local Ruskington firm or an online organisation that advertises to offer speedy conveyancing?
Visit your Ruskington shopping parade. Pop in to two or three companies and request to talk to a conveyancing solicitor for an estimate. Explain your situation and try and obtain assurances on deadlines. Appoint the one that appears most efficient. Make sure to use a lawyer on the panel of solicitors who can act for your mortgage company.