We are about to sign contracts for a semi detached house in Earlestown. We have hit a snag. The mortgage offer with Yorkshire Building Society runs out on 17/2/2025 but the vendors are suggesting a completion date of 19/2/2025. Is it possible to prolong the mortgage expiry date?
The best person to address this concern is your lawyer who is in a position to assess whether he or she is corresponding with the bank, seller’s solicitors, property agents or conceivably all parties given what has happend in your transaction to date.
What does my ID and proof of funds have anything to do with my conveyancing in Earlestown? What am I being asked for?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you need to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over identification documents, your solicitor will not be able to take you on as a client.
My wife and I are spending time looking at houses in Earlestown and I am now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a home loan with Skipton.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are obtaining a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
Intending to buy a apartment in Earlestown. 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 TSB 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 Earlestown property lawyer is on the TSB conveyancing panel.
After shopping around on the internet I have found a Earlestown conveyancing practitioner having made sure that they are on the Clydesdale conveyancing panel. Does my lawyer arrange the survey of the property?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale 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. You may wish to consider appointing your own Earlestown surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should my lawyer be making enquiries about flooding during the conveyancing in Earlestown.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Earlestown. There are those who purchase a house in Earlestown, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that may be carried out by the purchaser or on a buyer’s behalf which can figure out the risks in Earlestown. The conventional set of completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to find out if the property has suffered from flooding. In the event that flooding has previously occurred and is not notified by the vendor, then a purchaser could issue a compensation claim as a result of such an incorrect reply. The purchaser’s solicitors may also carry out an enviro report. This should higlight if there is any known flood risk. If so, further inquiries will need to be made.
I'm buying my first flat in Earlestown with a loan from Virgin Money. The developers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my solicitor about this side-deal as it may affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.