The Immingham conveyancing firm handling our Immingham conveyancing has uncovered a discrepancy when comparing the assumptions in the home valuation survey and what is in the conveyancing documents. My solicitor says that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?
Your conveyancing practitioner 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.
If you had a top tip for selecting a conveyancing solicitor in Immingham what would it be?
We would encourage you not to go for the cheapest Immingham conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I had a mortgage agreed in principle with Coventry BS. Immingham conveyancing practitioners are appointed. How long does it take for Coventry BS to send the offer to the property lawyer?
Some lenders take longer than others. Have Coventry BS done the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
After shopping around on the internet I have found a Immingham conveyancing practitioner having checked that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC 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 Immingham 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.
How does conveyancing in Immingham differ for new build properties?
Most buyers of new build property in Immingham approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Immingham 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 Immingham or who has acted in the same development.
Should I be concerned by brokers that I am dealing with are recommending a national conveyancing firm as opposed to a local Immingham conveyancing practice?
As is the case with lots of professional services, often suggestions from connections can be very helpful. Nevertheless there are many players in a conveyancing transaction; estate agents, financial adviser and banks may recommend conveyancers to appoint. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the discretion to select your preferred conveyancer. You need to be aware that the majority of mortgage providers specify a panel list of solicitors you are obliged to use for the mortgage related work in your transaction.
Our conveyancer in Immingham has discovered a a legal deficiency with the lease for the flat we are purchasing in Immingham. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.