We were just about to exchange contracts for a property in Reading. We encountered a stumbling block. Our loan offer with Aldermore runs out on 16/3/2026 but the owners are insisting on a completion date of 18/3/2026. Can one extend the loan offer?
The best person to deal with your issue is your lawyer who will hopefully determine whether they better off negotiating with the mortgage company, vendor’s representatives, estate agents or conceivably all three taking into account what has gone on in your house move to date.
My fiance and I are purchasing a purpose built flat in Reading with a loan from Lloyds TSB Bank.We use our Reading conveyancing solicitor but Lloyds TSB Bank says she’s not on their approved list of member firms. we are left little option but to use a Lloyds TSB Bank panel firm or retain our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Lloyds TSB Bank use our lawyer?
Unfortunately,no. The home loan offered to you contains various provisions, a common one being that lawyers will be on the Lloyds TSB Bank conveyancing panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
three months have elapsed following my purchase conveyancing in Reading completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Reading with the aid of help to buy. The builders would not reduce the price so I negotiated £7000 of extras instead. The sale representative suggested that I not to tell my solicitor about the extras as it will impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Do I need to be concerned by third parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Reading conveyancing firm?
As with lots of professional services, often referrals from connections can be extremely useful or valuable. Nevertheless there are numerous parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks may put forward solicitors to select. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the recommendation. You are free to select your own conveyancer. You need to be aware that most banks have an approved list of conveyancers you are obliged to use for the mortgage related work in your conveyancing.