We are a couple about to exchange contracts for a leasehold flat in Watnall. We encountered a snag. The mortgage offer with Bank of Scotland expires on 6/11/2025 but the vendors are putting forward a completion date of 10/11/2025. Can one extend the loan expiry date?
The best person to address this issue is your conveyancer who will hopefully assess whether he or she is should be discussing with the mortgage broker, owner’s solicitors, estate agents or possibly all three taking into account what has gone on in your transaction to date.
What does my ID and proof of funds have anything to do with my conveyancing in Watnall? Is this really necessary?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Watnall. Nowadays you can not complete any conveyancing deal if you have not supplying proof of your identity. This usually takes the form of a either your passport or driving licence plus a council tax bill. Please note that if you are providing your driving licence as proof of ID it must be both the paper element as well as the photo card part, one is not satisfactory without the other.
Proof of the source of money is mandated under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must retain this information on file. Your Watnall conveyancing solicitor will require evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask additional questions regarding the source of monies.
I was told three weeks ago that my mortgage has been agreed to by Kent Reliance. Is it usual for Kent Reliance to only issue the offer once my solicitor in Watnall is approved on their conveyancing panel? Kent Reliance have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
After shopping around on the internet I have found a Watnall conveyancing practitioner having made sure that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds 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 Watnall 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.
Nationwide have agreed my home loan in principle, my offer on a flat in Watnall has been accepted, what are the next steps?
Your property agent will want to know who your solicitors are (be sure the property lawyers are on the bank’s approved list). Contact Nationwide or your financial adviser and finalise any relevant forms. Nationwide will instruct a valuer who will get in contact with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Nationwide will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Watnall.
Should my solicitor be raising questions about flooding during the conveyancing in Watnall.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Watnall. There are those who acquire a property in Watnall, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a various checks that can be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Watnall. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the owner to discover whether the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser could commence a legal claim for losses as a result of such an incorrect answer. A purchaser’s solicitors should also carry out an environmental search. This should reveal if there is any known flood risk. If so, further investigations should be made.
Do I need to be suspicious by 3rd parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Watnall conveyancing firm?
As with many professional services, often recommendations from connections can be worth their weight in gold. But there are lots of people with a vested interest in a conveyancing matter; estate agents, financial adviser and banks may recommend solicitors to choose. Sometimes these lawyers might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the recommendation. You have the discretion to select your preferred conveyancer. You need to be aware that most banks have an approved list of law firms you have to use for the mortgage aspect of your conveyancing.
We're novice buyers - agreed a price, yet the selling agent advised that the seller will only issue a contract if we appoint the agent's preferred solicitors as they want a ‘quick sale’. Our preferred option is to instruct a local conveyancer used to conveyancing in Watnall
It is highly unlikely the owners are driving this. If they want ‘a quick sale', turning down a motivated purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and explain that (a)you are serious buyers (b)you are ready to progress, with finances in place © you are chain free (d) you wish to move quickly (e)however you intend to instruct your own,trusted Watnall conveyancing solicitors - as opposed tothe ones that will provide their estate agent a referral fee or achieve conveyancing thresholds pre-set by corporate headquarters.