We are a couple about to exchange contracts for a freehold house in Mortimer. We have hit a stumbling block. Our loan offer with Accord Mortgages Ltd expires on 11/7/2022 but the sellers are suggesting a completion date of 13/7/2022. Can one prolong the mortgage expiry date?
The person best placed to deal with your question is your conveyancer who is in a position to assess if they better off negotiating with the lender, owner’s representatives, selling agents or conceivably all parties taking into account the circumstances your transaction to date.
We're in Mortimer, FTBs buying with a mortgage (lender is Virgin Money , and our solicitor is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Me and my brother purchased a 4 bedroom Edwardian property in Mortimer. Conveyancing solicitor acted for me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Mortimer and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Mortimer differ for new build properties?
Most buyers of new build property in Mortimer come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Mortimer usually purchase the land, 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 accustomed to new build conveyancing in Mortimer or who has acted in the same development.
What advice can you give us when it comes to appointing a Mortimer conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Mortimer conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Mortimer conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
How experienced is the practice with lease extension legislation?
Mortimer Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
Best to be warned if fixing the lift or some other major work is due shortly to be shared by the leaseholders and may well dramatically impact the level of the service charges or require a specific invoice. It would be wise to find out as much as possible about the managing agents as they will either make life much simpler or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Don't be shy to ask prospective neighbours if they are happy with their service. Finally, investigate as to the dates that the service charges are due to the managing agents and specifically what you get for your money. Is there a share of the freehold?