We are about to exchange contracts for a property in Cholsey. We encountered a problem. The mortgage offer with Birmingham Midshires runs out on 17/6/2019 but the vendors are putting forward a completion date of 19/6/2019. Can one prolong the loan offer?
The best person to deal with your concern is your lawyer who should calculate if they corresponding with the mortgage company, vendor’s lawyers, estate agents or possibly all parties based on the circumstances your house move to date.
My wife and I own a 4 bedroom Edwardian property in Cholsey. Conveyancing practitioner represented me and Bank of Ireland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cholsey and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing lawyer who completed the work.
How does conveyancing in Cholsey differ for new build properties?
Most buyers of new build residence in Cholsey contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Cholsey typically acquire 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 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 Cholsey or who has acted in the same development.
My husband and I are novice buyers - had an offer accepted, yet the property agent informed us that the seller will only proceed if we instruct their preferred solicitors as they need a ‘quick sale’. My instinct tells me that we should use a high street solicitor who is accustomed to conveyancing in Cholsey
We suspect that the seller is not behind this requirement. Should the seller desire ‘a quick sale', taking such a hostile approach to a genuine buyer is going to damage their objectives. Speak to the vendors direct and explain that (a)you are genuine buyers (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you intend to use your own,trusted Cholsey conveyancing firm - not the ones that will provide the estate agent a referral fee or meet his conveyancing thresholds demanded by senior management.
Last November I purchased a leasehold property in Cholsey. 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 owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).
I bought a studio flat in Cholsey, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Cholsey with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2078
With only 59 years unexpired we estimate the price of your lease extension to be between £20,900 and £24,200 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.