Client already has mortgage offer, the lender has agreed to lend, so why do conveyancers have to report certain issues to a lender on a purchase?

Our Residential Conveyancer, Diane Rowlands, says "This is because we are also instructed to act on behalf of the lender and the lender relies on us to check the title and any other documentation we receive, also ensure that the property has suitable security. If we are not able to do this then, if necessary, we must report to them. Although an offer has been issued, this is on the basis that the title is acceptable security. We are obliged to adhere to the lenders' instructions in the Lenders Handbook. The lender has specific requirements and they rely on us to comply with these as they are taking a charge over the property and we must ensure on their behalf that the property is acceptable security and that there is no risk to them lending.”

To contact Diane or a member of our Property team, please call 01243 790532 or email dianerowlands@owenkenny.co.uk

https://www.owenkenny.com/diane-rowlands

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