We are a couple about to exchange contracts for a ground floor flat in Bilston. We encountered a problem. The loan offer with TSB runs out on 16/11/2023 but the vendors are insisting on a completion date of 20/11/2023. Is it possible to extend the mortgage expiry date?
The best person to deal with your issue is your conveyancer who will hopefully determine if he or she is should be discussing with the bank, seller’s conveyancers, selling agents or indeed all three given the history of your transaction as of today.
Why do I have to pay up front when it comes to conveyancing in Bilston?
Where you are retaining lawyers for conveyancing in Bilston your solicitor will ask you place them with monies to cover the search fees. Generally this is called for to cover the fees of the Local Authority Search. If any down payment is as part of the purchase price then this will be required shortly prior to exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in Bilston?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
It has been 3 months following my purchase conveyancing in Bilston concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 residence 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 Bilston differ for new build properties?
Most buyers of new build property in Bilston come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Bilston tend to purchase the site, 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 conveyancers 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 Bilston or who has acted in the same development.