We are about to exchange contracts for a garden flat in Canford Cliffs. We have hit a snag. The loan offer with HSBC Bank runs out on 30/1/2024 but the owners are putting forward a completion date of 1/2/2024. Can one extend the mortgage offer?
The person best placed to deal with your issue is your solicitors who will hopefully determine if he or she is corresponding with the mortgage company, owner’s lawyers, selling agents or conceivably all three taking into account what has gone on in your transaction as of today.
I can not work out if my lender requires a lease extension. I have telephoned my Canford Cliffs bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Canford Cliffs conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank panel, they must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
After months of negotiation I have agreed a price on an apartment in Canford Cliffs. My financial adviser recommended their conveyancers. I paid an on account payment of £175. Not long after, the solicitor contacted me to say that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a apartment in Canford Cliffs. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Canford Cliffs conveyancer is on the TSB conveyancing panel.
I am looking for a flat up to £305k and identified one round the corner in Canford Cliffs I like with amenity areas and railway links in the vicinity, however it's only got 49 years on the lease. There is not much else in Canford Cliffs for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I am using a search engine for the words on line conveyancing in Canford Cliffs it brings up numerous conveyancersin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for me?
The ideal way of finding a suitable conveyancer is through a personal testimonial, so enquire of friends and family who have acquired a property in Canford Cliffs or a reputable estate agent or financial adviser. Fees for conveyancing in Canford Cliffs vary, so it's a good idea to request a minimum of three quotes from varying types of property lawyers. Be sure to obtain confirmation what costs in the quote includes.
I've recently bought a leasehold house in Canford Cliffs. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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).
Canford Cliffs Leasehold Conveyancing - A selection of Queries before Purchasing
How much is the annual service fee and ground rent? For most Canford Cliffs leaseholds the outlay for major works tend not to be included within maintenance charges, although some managing agents in Canford Cliffs obliged tenants to contribute towards a sinking fund created for the specific intention of building a fund for major repairs or maintenance. The prefered form of lease structure is a share of the freehold. In this situation the tenants enjoy control and even though a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants.