My Stow on the Wold lawyer has uncovered a discrepancy when comparing the assumptions in the valuation report and what is in the legal papers for the property. My solicitor has advised that he must check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your lawyer 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 both parties.
When will exchange of contracts take place for domestic conveyancing in Stow on the Wold and am I required to attend the lawyers office?
If you are round the corner to one of the conveyancing solicitors in Stow on the Wold you are welcome to attend to sign documents. However, the law practices we recommend offer countrywide coverage for conveyancing and give as equally diligent and professional a job for you when communicating with you by post or email. The signing of the contract is not the point of no return. A signed contract simply enables the conveyancer to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Stow on the Wold)to be in the office available at the end of the phone to exchange contracts.
Are all Stow on the Wold Conveyancing Quality Solicitors on the Coventry BS conveyancing panel?
Some major lenders now utilise CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Stow on the Wold bank branch on various occasions and was informed it wasn't an issue and they will lend. My Stow on the Wold conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the solicitor is on the lender approved list, she or he must follow the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told three weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Stow on the Wold is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Stow on the Wold I like with amenity areas and station in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Stow on the Wold suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Given that I will soon part with 450k on 3 bedroom house in Stow on the Wold I would like to have a conversation with the lawyer regarding thehome move prior to giving the go ahead to the firm. Is this something that you can arrange?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you speaking to the solicitor due to be carrying out your property ownership legalities in Stow on the Wold.There is no ‘factory style conveyancing’ - each client is an important individual, not a file number. The practices that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Stow on the Wold should be the amount on the final invoice that you are charged.
I own a leasehold flat in Stow on the Wold. Conveyancing was finished in 2011. I have heard that I should not let the the remaining lease term to get too short. Is this correct?
Stow on the Wold leasehold properties are for a set term - normally ninety nine years when they started. However a significant appartments in Stow on the Wold were constructed or converted 20 or more years ago and so these leases now have less than 80 years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage companies generally require leases to have a minimum of seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To maximise your property value you should be thinking about whether to extend your lease long before you come to sell it. You should note that there are advantages to taking action before the lease hits 80 years as when the lease is less than 80 years the premium to be paid to extend starts to get a lot more expensive.