We were just about to sign contracts for a freehold house in Bebington. We have hit a problem. The loan offer with Halifax expires on 28/6/2024 but the vendors are putting forward a completion date of 2/7/2024. Is it possible to extend the loan offer?
The best person to address this question is your lawyer who will hopefully assess if they should be discussing with the mortgage company, seller’s lawyers, selling agents or possibly all parties given the circumstances your transaction as of today.
When it comes to lenders such as Skipton, do Bebington property lawyers incur a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all Bebington solicitor practices on the Bank of Ireland conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
My sealed bid on a house in Bebington has been accepted, the owners do nevertheless have a connected purchase. The owners have offered on a property, however it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a local conveyancing solicitor in Bebington. What should be my next step? At what stage do I apply for the mortgage with Nottingham?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then survey, Bebington conveyancing search charges, etc). The first thing to do is ensure that your conveyancing practitioner is on the Nottingham conveyancing panel. Regarding the next phase this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. In a buoyant market the majority of home buyers will apply for a home loan with Nottingham and arrange for the valuation and only if it comes back ok would they ask their solicitor to proceed with searches.
I have been told that property searches are the primary reason for obstruction in Bebington house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Bebington.
It has been 3 months following my purchase conveyancing in Bebington took place. I have checked the Land Registry website which shows that I paid £150,000 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.
How does conveyancing in Bebington differ for newly converted properties?
Most buyers of new build property in Bebington approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Bebington usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bebington or who has acted in the same development.