The Newmarket conveyancing firm handling our Newmarket conveyancing has discovered an inconsistency between the assumptions in the valuation report and what is revealed within the title deeds. My lawyer says that he is duty bound to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance correct?
Your lawyer 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 you.
I am buying a house and need a conveyancing solicitor in Newmarket who is on the National Westminster Bank solicitor. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Newmarket. We dont recommend any particular firm.
We are buying a apartment in Newmarket. It might be a silly question but how we can trust a conveyancer? On completion day we have to send our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
is it true that all Newmarket solicitor practices on the RBS conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the RBS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel and in that case the practice would be overseen by the CLC.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Newmarket conveyancing lawyers were selected. How long does it take for Lloyds to issue the offer to the lawyer?
Some lenders take longer than others. Have Lloyds done the survey? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
How does conveyancing in Newmarket differ for new build properties?
Most buyers of new build or newly converted property in Newmarket come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because builders in Newmarket tend to purchase 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 conveyancing solicitors 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 Newmarket or who has acted in the same development.
Is it best to appoint a Newmarket conveyancing practitioner who is local to the property I am hoping to buy? An old friend can carry out the legal work but his firm is located 200kilometers drive away.
The benefit of a high street Newmarket conveyancing firm is that you can attend the office to sign paperwork, hand in your ID and pester them where appropriate. They will also have local knowledge which is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were happy that must outweigh using an unknown Newmarket conveyancing solicitor just because they are round the corner.