We were just about to exchange contracts for a semi detached house in Ivybridge. We encountered a problem. Our loan offer with Lloyds TSB Bank expires on 16/9/2024 but the vendors are suggesting a completion date of 18/9/2024. Can one prolong the mortgage offer?
The best person to deal with your issue is your solicitors who will hopefully determine if they corresponding with the lender, seller’s lawyers, selling agents or possibly all three taking into account the history of your conveyancing to date.
I am purchasing a right to buy a flat in Ivybridge. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Ivybridge you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ivybridge.
When it comes to mortgage companies such as Co-operative, do Ivybridge lawyers face a yearly amount to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We expect to receive a OIP from Skipton this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Skipton recommend any Ivybridge solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Ivybridge solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
After shopping around on the internet I have found a Ivybridge conveyancer having checked that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ivybridge postcode. As you are getting a mortgage with Co-operative, you could contact them to see if they have a list of approved surveyors in Ivybridge.
How does conveyancing in Ivybridge differ for new build properties?
Most buyers of new build premises in Ivybridge approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Ivybridge usually purchase the site, 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 conveyancing solicitors 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 used to new build conveyancing in Ivybridge or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one near me in Ivybridge I like with open areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Ivybridge in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.