We were just about to exchange contracts for a property in Hull West. We have hit a snag. The loan offer with TSB expires on 16/12/2021 but the vendors are putting forward a completion date of 20/12/2021. Is it possible to extend the loan expiry date?
The best person to deal with your concern is your solicitors who will hopefully assess whether they should be discussing with the bank, seller’s lawyers, property agents or indeed all three taking into account the history of your house move to date.
We are getting the release of further funds on our mortgage from Yorkshire BS as we want to carry out improvements to our home in Hull West. Are we obliged to appoint a bricks and mortar Hull West solicitor on the Yorkshire BS conveyancing panel to deal with the paperwork?
Yorkshire BS would not normally require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
Completion of my purchase has taken place for my property in Hull West. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have finally had an offer on an apartment in Hull West accepted, the owners do nevertheless have an associated purchase. The sellers have placed an offer on on an apartment, but it’s not yet tied up, and have viewings of other apartments in the pipeline. I have chosen a high street conveyancing solicitor in Hull West. What should be my next step? At what point should I apply for the mortgage with Clydesdale?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Hull West conveyancing search charges, etc). First, you should check that your lawyer is on the Clydesdale conveyancing panel. Regarding the next phase this very much dictated by the specifics of your case, desire for the property and on the state of the market. In a buoyant market many home buyers would apply for the mortgage with Clydesdale and arrange for the valuation and only if it comes back ok would they pay their conveyancer to press on with searches.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Hull West I like with a park and station nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Hull West for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I work for a busy estate agent office in Hull West where we see a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Hull West conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
Hull West Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
Are any of leasehold owners in arrears of their service charge payments? The majority of Hull West leasehold apartments will be liable to pay a service charge for maintenance of the block levied by the landlord. Should you buy the property you will have to pay this liability, usually periodically during the year. This can vary from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent to be met annual, ordinarily this is not a large figure, say around £50-£100 but you need to check it because on occasion it can be many hundreds of pounds. Is the freehold reversion owned collectively by the leaseholders?
My husband and I are selling a Hull West bungalow we inherited seven years ago in 2011. I have over a decades worth of conveyancing experience and, now retired, see no reason not to conduct the legal work. The buyer's conveyancing practitioner has informed me that their mortgage company will not allow us to do our own conveyancing mandating that the funds to be transferred to a solicitor's bank account.
Lending instructions to lawyers from all CML members state that If the seller does not have legal representation the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether they are willing to progress.