We are about to sign contracts for a garden flat in Ivybridge. We have hit a stumbling block. The loan offer with Lloyds TSB Bank runs out on 15/12/2021 but the owners are suggesting a completion date of 17/12/2021. Is it possible to prolong the loan expiry date?
The person best placed to address this question is your conveyancer who is in a position to calculate if they should be discussing with the bank, vendor’s conveyancers, estate agents or possibly all parties based on what has gone on in your house move to date.
What is the first thing I need to know regarding purchase conveyancing in Ivybridge?
Not many law firms shout this from the rooftops but conveyancing in Ivybridge or throughout Devon is an adversarial experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for friction between you and other parties involved in the ownership transfer. E.g., the seller, property agent and on occasion the mortgage company. Selecting a law firm for your conveyancing in Ivybridge an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose role it is to protect your best interests and to protect you.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone must be at fault for the process taking so long. We recommend that you should always trust your solicitor above all other parties in the home moving process.
How does conveyancing in Ivybridge differ for newly converted properties?
Most buyers of new build property in Ivybridge contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because developers in Ivybridge usually buy the real estate, 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 Ivybridge or who has acted in the same development.
My husband and I are new on the property ladder - agreed a price, yet the property agent has warned us that the owners will only go ahead if we use their recommended lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Ivybridge
It is improbable the vendors are driving this. If they desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is not the way to achieve this. Bypass the agents and go straight to the owners and make sure they understand (a)you are motivated buyers (b)you are ready to go, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you intend to instruct your preferred Ivybridge conveyancing lawyers - not the ones that will give their estate agent a commission or achieve conveyancing targets pre-set by corporate headquarters.
Are there frequently found problems that you encounter in leases for Ivybridge properties?
Leasehold conveyancing in Ivybridge is not unique. Most leases are drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Royal Bank of Scotland, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Ivybridge - Sample of Questions you should ask Prior to Purchasing
It is important to be aware if a new roof is being installed or some other major work is anticipated to be shared amongst the tenants and will materially impact the level of the service fees or necessitate a one time invoice. How long is the Lease? How is the lease structured?