We were just about to sign contracts for a semi detached house in Bingley. We encountered a snag. The mortgage offer with Bank of Ireland runs out on 8/4/2019 but the sellers are suggesting a completion date of 10/4/2019. Is it possible to extend the loan expiry date?
The person best placed to deal with your concern is your conveyancer who will determine if he or she is should be discussing with the lender, vendor’s representatives, property agents or indeed all three taking into account the circumstances your conveyancing as of today.
At what point will exchange of contracts take place for sale conveyancing in Bingley and do I need to attend the conveyancers office?
Where you are near to one of the conveyancing solicitors in Bingley you are invited in to sign contracts. However, the law practices we recommend offer a nationwide conveyancing service and give just as comprehensive and professional a job for you when dealing with you digitally. The executing of the sale agreement is not the point of no return. A signed contract is just a prerequisite for the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bingley)to be in the office at the appropriate time.
Will my solicitor be making enquiries concerning flooding during the conveyancing in Bingley.
Flooding is a growing risk for conveyancers dealing with homes in Bingley. There are those who acquire a property in Bingley, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a various checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Bingley. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to discover whether the property has suffered from flooding. If the property has been flooded in past which is not revealed by the owner, then a purchaser may commence a legal claim for losses resulting from an incorrect answer. A buyer’s solicitors should also conduct an enviro search. This will higlight if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Bingley I like with amenity areas and railway links in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Bingley for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan that many years will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I am short of a 10% deposit on my flat purchase in Bingley , but I am anxious go ahead. Do I have options?
One option is to try and agree a lower deposit. Many property owners will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second