We were just about to sign contracts for a garden flat in Ladywood. We have hit a snag. The loan offer with Norwich and Peterborough Building Society expires on 8/6/2021 but the owners are insisting on a completion date of 10/6/2021. Can one prolong the loan offer?
The person best placed to address this question is your conveyancer who will calculate whether he or she is better off negotiating with the bank, seller’s representatives, selling agents or possibly all parties given the circumstances your transaction to date.
Finally the sale completed on my house in Ladywood last January but our buyer keeps telephoning me to say her lawyer needs to hear from myconveyancer. What are the post completion sale formalities following completion?
Following your sale your conveyancer is obliged to send the transfer documentation and all additional paperwork to the buyer’s solicitors. If applicable, your solicitor should also evidence that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There is unlikely to be post completion procedures just for conveyancing in Ladywood.
How does conveyancing in Ladywood differ for newly converted properties?
Most buyers of new build premises in Ladywood approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Ladywood tend to 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 property lawyers 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 Ladywood or who has acted in the same development.
Taking into account that I am about to spend £400,000 on a house in Ladywood I would like to talk to a solicitor regarding thehouse move prior to giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you first talking to the solicitor who will be doing your property ownership legalities in Ladywood.There is no ‘factory style conveyancing’ - every client is an important individual, not a file number. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in Ladywood should be the amount on the final invoice that you end up paying.
I've recently bought a leasehold house in Ladywood. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Ladywood Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
The prefered form of lease structure is a share of the freehold. In this arrangement the lessees have being in charge if their destiny and even though a managing agent is often retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders. Best to be warned whether changing the roof or some other significant cost is pending that will be shared by the tenants and could well dramatically impact the level of the maintenance fees or require a specific invoice. Is anyone aware of any major works in the planning that will increase the service charges?