We were just about to exchange contracts for a leasehold flat in Islington. We have hit a snag. Our mortgage offer with Nottingham Building Society runs out on 17/6/2019 but the owners are suggesting a completion date of 19/6/2019. Is it possible to extend the mortgage offer?
The best person to deal with your question is your solicitors who is in a position to determine if he or she is should be discussing with the mortgage broker, seller’s solicitors, selling agents or indeed all three based on the history of your house move as of today.
There are plenty of conveyancing solicitors in Islington but how do I know who's good?
It would be unwise to be seduced by the lowest Islington conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. 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.
I was told three weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Islington is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
Nationwide have agreed my mortgage in principle, my offer on a flat in Islington has been agreed to, what happens next?
Your property agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Contact Nationwide or your financial adviser and complete any outstanding forms. Nationwide will instruct a valuer who will get in touch with the selling agent or owners to book a time for the valuation to happen. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Nationwide will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Islington.
Should my lawyer be asking questions concerning flooding as part of the conveyancing in Islington.
Flooding is a growing risk for solicitors specialising in conveyancing in Islington. There are those who purchase a property in Islington, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a number of searches that may be undertaken by the buyer or by their solicitors which can give them a better understanding of the risks in Islington. The standard property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to find out if the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a buyer may bring a compensation claim resulting from an inaccurate response. The purchaser’s conveyancers should also order an environmental report. This will indicate if there is a recorded flood risk. If so, further investigations should be made.
The deeds to my house can not be found. The lawyers who dealt with the conveyancing in Islington 4 years ago are no longer around. What do I do?
Gone are the days when you need to hold title original deeds to establish that you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
I am purchasing my first flat in Islington with the aid of help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about the deal as it may impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.