The Shadwell conveyancing firm handling our Shadwell conveyancing has discovered a discrepancy when comparing the information in the home valuation survey and what is in the legal papers for the property. My solicitor informs me that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would much rather appoint a Shadwell based conveyancing firm?
You should check but the chances are that appoint one of their panel conveyancers should you want the "fee-free" offer. Speak to the lender and check if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Shadwell.
Last month we had a mortgage agreed in principle with Santander. Shadwell conveyancing solicitors have been appointed. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander done the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Barclays for my property in Shadwell. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
You must advise Barclays in advance of letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
Planning on purchasing a apartment in Shadwell. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shadwell lawyer is on the Barclays conveyancing panel.
I have recentlyfound out that Stirling Law have closed. They carried out my conveyancing in Shadwell for a purchase of a leasehold apartment 12 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The easiest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Shadwell conveyancing specialists.
Due to the guidance of my in-laws I had a survey completed on a house in Shadwell before instructing solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will not issue a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shadwell. Conveyancing may be slightly more expensive based on your lender's requirements.
My lawyers in Shadwell have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.