We were just about to exchange contracts for a freehold house in Darlington. We have hit a stumbling block. Our loan offer with Norwich and Peterborough Building Society expires on 10/6/2021 but the sellers are putting forward a completion date of 14/6/2021. Is it possible to extend the mortgage offer?
The person best placed to address this question is your lawyer who will determine whether they better off negotiating with the lender, owner’s lawyers, estate agents or possibly all three based on the history of your transaction as of today.
There are plenty of conveyancing solicitors in Darlington but how do I know who I should use?
It would be unwise to be swayed by the cheapest Darlington conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
My partner and I have arranged a further advance on our mortgage from Clydesdale as we want to conduct alterations to our home in Darlington. Do we need to appoint a local Darlington solicitor on the Clydesdale conveyancing panel to deal with the paperwork?
Clydesdale don't usually require a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale panel.
I have today made my last payment due on my mortgage with Clydesdale. I assume I don't need a Darlington property lawyer on the Clydesdale panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
I am buying my first flat in Darlington benefiting from help to buy. The builders would not move on the price so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not inform my lawyer about this deal as it would impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £305k and found one round the corner in Darlington I like with a park and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Darlington suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Developers have recommended to me a conveyancer and I've received a quote from them. They are nearly three hundred pounds less expensive than my local Darlington lawyer. Should I use them?
Housebuilders normally have panels of property lawyers who are quick and who know the seller’s paperwork and conveyancer. Plenty of developers offer an inducement to choose a preferred solicitor for this reason, any increased charges can be avoided and a builder won't suggest a conveyancing factory and run the risk of having the transaction delayed when they need an exchange within a tight time frame. The argument for not opting for the suggested solicitor is that they may prove reluctant to 'push' your interests at the risk of alienating the sellers. Where you have concerns that this may be the case you should stick with your high street Darlington property lawyer.