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Conveyancing issues

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Hi all,

I hope this is in the right section, I have been trying to find the best place to put my first post.

 

My wife and I were buying a property and it didnt go so well due to the our lender's policies on properties that haven't been owned for 6 months.

Ok thats fair enough, policies are policies but basically on the day the money from the lender was going to be released we were refused our mortgage.

 

Our solicitor said she had never heard of this before and mortgages had been refused for more trivial things. The lender told us this should have been found out at the start of proceedings and blames the solicitor as she should have checked the CML which is apparently a publication convayancing solicitors use to check policies with all the lenders.

We were charged all legal fee's as the solicitor said she completed all of her instructions.

 

My questions is, at what point in a property convayance should the lenders policies be looked into by the instructed solicitor? as there is no point proceeding if the lender isnt going to.. lend!.

 

 

 

Thanks for reading.

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you are the applying for the mortgage, up to you to check that aspect with your lender, not the solicitor. he acts on your instructions.

you have to be involved and check everything.

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Its weird how on the forms to apply for the mortgage there wasn't a tick box for one of their policies, when applying for this mortgage my wife stated about the property coming back on the market and nothing was said, they blame the solicitor for not finding it out and reporting back sooner.

So would the lender be at fault? Its a £1500 disaster that the little guys (wife and I) are paying for.

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I would try complaining to the lender on two counts, why was it not made clear at the outset the sort of properties they lend on and why so late in letting you know about the decision!

Did you apply direct with lender, at bank personally, on line, broker?

is it your existing lender if you have a mortgae now?

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My wife works for the bank but not in the mortgage department, the application was made through a colleague who is a mortgage advisor. We are first time buyers and as far as I know the solicitor only told the bank about the property not being owned for six months when sending all the paperwork through to release the funds.

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Perhaps ask bank, what is the reason behind this rule?

and why£1500, conveyancing only costs about £450 for a purchase, a lot more if you are selling as well. ( land registry is extra at about £200 )

how far under the 6 months? can you not delay it! if vendor is willing, buyers market!

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