MG Legal Solicitors 
Longridge: 01772 783314 Garstang: 01995 602129 Lancaster: 01524 581306 Lytham: 01253 202452  
Mortgage Loan Agreement.
At MG Legal, our Preston solicitors have been following all things COVID-19 and conveyancing, to ensure that your transaction with us is not affected. Our team have taken various steps to ensure that our excellent service continues, and is one less worry for our valued clients during the current pandemic. See what our team have been implementing, here
We have also seen how mortgage lenders have been taking action, particularly in light of some customers being able to take a ‘holiday’ from mortgage payments, for a set period of time. See our blog in which our Preston solicitors explain what a mortgage payment holiday is, and how the same may be of use to you, here
More recent developments have seen amendments being made to the holy grail of mortgage lender advice for your conveyancing solicitor; the Council of Mortgage Lenders Handbook, also known as the CML. 

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In our blog, last week, we discussed the importance of the CML, and the guidance that it provides to your conveyancer throughout your transaction. You can view the Handbook for yourself, here
The CML, essentially, provides a set of instructions to your conveyancing solicitor, in order to assist your conveyance, with both general advice, but also advice specific to the individual lender’s requirements. In order to correlate with the current times, the CML Handbook has seen a significant spike in amendments being made, by various lenders, in key areas that are crucial to the conveyancing process. 
Changes have been noted by a number of lenders, including Halifax, HSBC, Lloyds Bank and an astounding 27 changes being made by Barclays Bank. Some bedtime reading for our Preston solicitors it may seem! 
This is just one way in which mortgage lenders are coming to terms with the current pandemic. Mortgage lenders have an ever growing need to meet the demands of the current market and, at present, this is significantly affecting the way in which they operate. 
Nicola Firth, founder of Knowledge Bank, commented that “The number and type of changes we have seen from lenders in the past two weeks are completely off the scale of anything ever seen before”. 
Many lenders are imposing additional restrictions on the loans that are being offered, with some ceasing to offer at all, and prioritising those in need of mortgage payment holidays. Further issues arise in respect of the inability to carry out a physical valuation of certain properties which, in turn, are hindering the lending process. 
If you are purchasing a property, with the assistance of a mortgage, here are our Preston solicitors’ top tips on how to proceed in the current climate: 
1. Speak with your mortgage broker: Speaking with your mortgage broker may be a simple way of obtaining clarity on the present position of your lender. The broker is on hand to advise you of your options and, more importantly, advise what may be the best course of action for you, during this time. 
2. Consult your mortgage lender directly: Requirements can differ, lender to lender. It is, therefore, advisable to check your lender’s criteria on COVID-19 and your property purchase. In addition to the advice of your broker, why not hear it from the horse’s mouth? Contact them directly for their customer specific advice on the matter. 
3. Get in touch with our team of property conveyancing solicitors in Preston: Despite the current outbreak, our team are still very much on hand to assist you at each and every stage of your conveyance. If, therefore, your lender is agreeable to proceeding, we shall progress your matter without further ado or issue. If, however, the mortgage lender is not currently processing any new applications, do not panic. Our team can still make developments to your matter behind the scenes, whilst the official Mortgage Offer is outstanding. This is in order that, upon issuing of the formal offer, we may proceed to Completion without delay. 
If, therefore, you are purchasing a property with the assistance of a mortgage, please do not be concerned. Contact our team of Preston solicitors today, at, where our local solicitors will be on hand to assist you. And remember, we also have offices in Lancaster and Garstang
Alternatively, you can get in touch with us online
MG Legal – Your Local Solicitors 
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