I am expecting a mortgage offer from Nat West. My intention is to employ the services of a Licensed Conveyancer in Forest Hall. Does the Nat West Conveyancing panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our Forest Hall conveyancer has discovered a discrepancy between the assumptions in the home valuation report and what is revealed within the title deeds. My lawyer says that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions 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.
This question may be naive but I am unexperienced as FTB of a two bedroom flat in Forest Hall. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will find a local conveyancing solicitor in Forest Hall?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the seller's conveyancers, and once they have received this, you should be able to pick up the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
is it true that all Forest Hall solicitors on the Nationwide conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Nationwide conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
We have a mortgage agreed in principle with Kent Reliance. Forest Hall conveyancing practitioners were selected. How long does it take for Kent Reliance to forward the offer to the conveyancer?
There is no definitive answer here. Have Kent Reliance conducted the valuation? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have been on the look out for a flat up to £245,000 and identified one close by in Forest Hall I like with open areas and transport links nearby, however it only has 52 years on the lease. I can't really find anything else in Forest Hall suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension 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 lawyer concerning this.
We're new to the buying process - agreed a price, but the estate agent told us that the seller will only go ahead if we use their preferred lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a local solicitor used to conveyancing in Forest Hall
We suspect that the owner is unaware of this ultimatum. Should the seller want ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Contact the sellers directly and make the point that (a)you are genuine buyers (b)you are ready to go, with finances in place © you are chain free (d) you intend to proceed fast (e)however you are going to use your own,trusted Forest Hall conveyancing firm - not the ones that will give their estate agent a referral fee or achieve conveyancing thresholds set by senior management.