I was advised today by my estate agent that my Borehamwood solicitor is not on the bank Conveyancing panel. What can I do to be sure whether this is correct?
Your first step should be to call your Borehamwood conveyancer. You lawyer should notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
The Borehamwood conveyancing firm handling our Borehamwood conveyancing has uncovered an inconsistency between the surveyor’s assumptions in the valuation report and what is in the conveyancing documents. My lawyer has advised that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action appropriate?
Your conveyancer 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.
How does conveyancing in Borehamwood differ for newly converted properties?
Most buyers of new build property in Borehamwood come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Borehamwood typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Borehamwood or who has acted in the same development.
How simple is it to use the search app to select a conveyancing practitioner in Borehamwood on the panel for my lender?
Step one is to pick a bank such as HSBC Bank, Barnsley Building Society or Barclays Direct then type in your location such as Borehamwood. Conveyancing organisations in Borehamwood and nationally will then be identified.
Me and my partner are soon to exchange on the purchase a property in Borehamwood but as a result of damage from the recent storms I have agreed recompense from the current proprietors of £2k taking the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process however the mortgage company will not agree to this. Should they have been informed?
The conveyancer that is on the mortgage company approved list is duty bound to inform the mortgage company of any amendments to the sale figure. If you were to refuse your conveyancer to notify the reduction to your bank then they would need to discontinue representing you and the mortgage company.