We were just about to sign contracts for a ground floor flat in Coombe Dingle. We have hit a stumbling block. The loan offer with Alliance & Leicester runs out on 5/4/2019 but the owners are suggesting a completion date of 9/4/2019. Can one extend the mortgage offer?
The person best placed to address this question is your solicitors who is in a position to assess whether he or she is should be discussing with the bank, vendor’s conveyancers, estate agents or possibly all parties given the history of your transaction to date.
My Solicitor in Coombe Dingle is not listed on the The Mortgage Works Approved Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are excluded from the The Mortgage Works panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your preferred Coombe Dingle lawyers but The Mortgage Works will need to retain a conveyancer on their list of acceptable firms. This will result in additional total legal charges and result in delays.
- Choose a new lawyer to act in the conveyancing, remembering to check they are Persuade your conveyancer to use their best endeavours to join the The Mortgage Works conveyancing panel
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Coombe Dingle is where the house is located. Is there any guidance you can impart?
Flying freeholds in Coombe Dingle are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Coombe Dingle you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coombe Dingle may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to find a conveyancing solicitor for purchase conveyancing in Coombe Dingle. I have chance upon a web site which seems to have the perfect offering If there is a chance to get all the legals done via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a busy estate agency in Coombe Dingle where we have experienced a few flat sales jeopardised due to short leases. I have been given inconsistent advice from local Coombe Dingle conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a garden flat in Coombe Dingle, conveyancing formalities finalised July 2012. How much will my lease extension cost? Equivalent properties in Coombe Dingle with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2089
With just 70 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.