RULES THAT BIND US ALL
If you use a lender or bank to help buy your property brings its own unique set of rules that you must be aware of. The first thing you must be aware of is that your appointed lawyers most probably also act for your bank. Is this an issue? Well it can in many cases complicate matters, for instance
Your bank or lender will ask your lawyer to confirm many areas. Despite the fact that your bank or lender has stated that they will provide funding, they ask your lawyer to ensure other details before sending the funds. For example, but not exclusive….
1. If your financial situation changes
2. If the purchase price changes
3. If any party to the purchase changes.
4. If you are receiving any of your deposit from another person.
5. If you have deviated from any of your agreements or circumstances that you discussed with your bank.
6. If ALL the paperwork for the property is in place (no exceptions).
7. If ALL the searches have been completed and are all ok.
8. Your identity has been confirmed.
9. And finally and possibility that all the conditions of the loan including all the conditions of the Council of Mortgage Lenders Handbook(CML) have been adhered to.
If your lender has or instructs itt's own lawyers be aware that this will case the transaction to take longer (as there are now 3 law firms to all agree). Finally the cost will no doubt go up as the lenders lawyer normally will require you to pay their bill and as is normal more work will be required.
Q - Can We Try The Legal Service For Free?
A - Yes, our unique ‘No Obligation Service Opportunity’ allows you the opportunity to experience our highly valued service without any commitment or payment on your part, so go ahead and compare the Conveyancing Fees.
From when you decide to Sell, Purchase, Tranfer or Re Finance your property, we are here to help. We have a proven track record for over 10 Years in Scottish property (Residential and Commercial) of helping save thousands of pounds. From help to appoint an Estate Agent, Negotiation Tips, Legal Guides and practical advice. Just drop us an email or phone or if easier read through our extensive Online Guides.
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Knowing & Asking Is Always Better Than Assuming What Is Happening.
Assumptions create 70% of all conveyancing stress and issues. We make assumptions every minute of every day. Something happens and we instantly assign meaning to it. That is an assumption. Yet conveyancing and the residential legal system in Scotland is constantly changing and so does what your solicitor is reqired by law to do and what is required of you. We start imagining and reasoning what is going on, we look at social media and ask friends, what they think, what they experienced. We rationalise an entire assumed story based on assumptions and we believe it. One assumption leads to another assumption; we jump to conclusions and we take it personally. Almost all conflicts and desisions we take are based on assumptions. Assumptions are nothing more than false stories that we are telling ourselves. They create a big drama for no reason because they aren’t based on fact. If you really want to avoid the stress of moving, ensure that your experience is a possitive one and you are informed, why not just ask your property solicitor?