Unfortunately I am unable to travel far from South Molton. Please clarify why all South Molton aren't included on all mortgage company panels?
As unjust as it may seem for mortgage companies to limit who can represent them, from the public’s or solicitor’s standpoint, the the contrary view is that banks are increasingly anxious and regard it imperative to protect them from illegal activities. As a consequence of this concern mortgage companies are limiting their conveyancing panel to a manageable size.
My South Molton lawyer has identified a difference between the information in the valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he must check that the bank is with this discrepancy and is still content to lend. Is my conveyancer’s approach appropriate?
Your must comply with the UK Finance Lenders’ Handbook specifications 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.
We see that you have a post code search directory identifying solicitors on the conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in South Molton?
We are a listing service only for law firms wishing to communicate if they are on the conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in South Molton.
My lawyer in South Molton is not listed on the Approved Panel. Can I still use my family solicitor even though they are not on the panel?
Your options are as follows:
- Carry on with your preferred South Molton solicitors but will need to retain a conveyancer on their panel. This will result in additional total legal fees as well as result in frustration.
- Get a new solicitor to act in the conveyancing, obviously checking they are approved.
- Try to convince your solicitor to try to join the panel
I opted to have a survey done on a property in South Molton ahead of appointing lawyers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some lenders will refuse to give a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Molton. Conveyancing may be slightly more expensive based on your lender's requirements.