Our Mayfield solicitor has uncovered a difference between the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer informs me that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
Is it correct that all Mayfield CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing list of approved firms?
A selection of lenders now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives 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 solicitor practices wishing to remain on their approved list of firms.
We were going to get a OIP from HSBC this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Mayfield solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Mayfield solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
The mortgage over my property is with Nationwide for my property in Mayfield. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Nationwide directly. You need not do this via a Nationwide conveyancing panel firm.
How does conveyancing in Mayfield differ for new build properties?
Most buyers of new build premises in Mayfield come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Mayfield typically acquire the real estate, 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 conveyancers 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 used to new build conveyancing in Mayfield or who has acted in the same development.
Hoping to buy a property located in Mayfield and I am already nervous. I couldn't find anything specific about Mayfield. Conveyancing will be needed in due course but do you know about the Mayfield area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Mayfield. In the meantime here are some basic statistics that we found
We are considering using an online property lawyer rather than a Mayfield conveyancing firm. Am I making a mistake?
There are advantages of being able to attend a local Mayfield conveyancing solicitor for instance
- signing papers same day
- often being able to speak to someone face-to-face can make a significant difference, particularly for non-standard transactions
- the ability to complain if things need to addressed
When analysing fees, look out for hidden extras. The majority decent Mayfield high street solicitors give an all-inclusive figure. Many online agents appear to offer discounted prices, yet have hidden 'extras' in the in the terms and conditions.