We were just about to exchange contracts for a freehold house in Birstall. We have hit a stumbling block. Our mortgage offer with Chelsea Building Society runs out on 4/2/2019 but the sellers are putting forward a completion date of 6/2/2019. Is it possible to prolong the mortgage expiry date?
The person best placed to address this issue is your solicitors who will hopefully calculate whether he or she is should be discussing with the lender, owner’s lawyers, property agents or possibly all three given what has gone on in your transaction as of today.
How does conveyancing in Birstall differ for new build properties?
Most buyers of new build premises in Birstall come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Birstall typically purchase the land, 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 used to new build conveyancing in Birstall or who has acted in the same development.
I have been advised by a couple of local selling agents in Birstall to select a property lawyer on your site. What’s the financial incentive for Estate Agents to promote your services over another?
We don’t make any financial incentive for sending work our way. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I better off to choose a Birstall conveyancing practitioner based in the area that I am hoping to buy? We have a good friend who can carry out the conveyancing but her office is 300kilometers away.
The primary upside of using a local Birstall conveyancing practice is that you can visit the firm to execute documents, present your ID and pester them where appropriate. Having local Birstall know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and in the main were content that should surpass using an unknown Birstall conveyancing solicitor solely due to them being local.
I've recently bought a leasehold flat in Birstall. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Birstall Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Please inform me if there are any major works on the horizon that will likely add a premium to the maintenance fees? Most Birstall leasehold apartments will have a service charge for the upkeep of the building levied on behalf of the freeholder. Where you buy the apartment you will have to pay this liability, usually in instalments throughout the year. This may vary from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent for you to pay annual, this is usually not a large sum, say approximately £25-£75 but you need to check it because sometimes it could be many hundreds of pounds. Are any of leasehold owners in arrears of their service charge payments?