We were just about to exchange contracts for a freehold house in Hornsea. We encountered a snag. The loan offer with The Mortgage Works expires on 23/9/2021 but the sellers are putting forward a completion date of 27/9/2021. Can one prolong the loan offer?
The person best placed to deal with your concern is your lawyer who will hopefully determine if they corresponding with the mortgage company, vendor’s lawyers, property agents or possibly all three taking into account the history of your house move to date.
We wanted to use a conveyancing solicitor in Hornsea for our home move. Our financial adviser has since advised us that our mortgage lenders Barclays Direct won't deal with them. Surely this is unduly restrictive?
Lenders on the whole imposes restrictions either the type or the volume of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. As well as restricting the profile of firm, a few banks have limited the number of solicitor practices they permit to act for them. Be aware that Barclays Direct have no responsibility for the quality of advice provided by any member of Barclays Direct Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels a few years ago even though there are mixed opinions regarding the level of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that hundreds of law firms, including some in or near Hornsea only conduct very few conveyances per annum.
My partner and I are close to exchanging contracts on the sale of our house in Hornsea and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A local lawyer would know that there is no such problem. For the life of me I don't know why the purchasers instructed a web based conveyancing practice as opposed to a conveyancing solicitor in Hornsea. We have lived in Hornsea for 5 years we know that this is a non issue. Should we get in touch with our local Authority to seek confirmation need.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Hornsea differ for new build properties?
Most buyers of new build premises in Hornsea approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Hornsea 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 accustomed to new build conveyancing in Hornsea or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Hornsea is where the house is located. What do you suggest?
Flying freeholds in Hornsea are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hornsea you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hornsea may ascertain 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.