We are a couple about to sign contracts for a semi detached house in Old Town. We have hit a problem. The mortgage offer with Britannia expires on 17/6/2019 but the sellers are suggesting a completion date of 19/6/2019. Can one prolong the loan offer?
The best person to deal with your question is your solicitors who will hopefully determine whether he or she is better off negotiating with the mortgage broker, owner’s solicitors, property agents or conceivably all parties given the circumstances your conveyancing as of today.
My bid for a property was accepted at auction in Old Town. Conveyancing is required. What happens now?
Now that you are exchanged you must retain a conveyancing solicitor quickly as you are facing a pending a fixed date to complete the purchase. All auction property will have a bespoke legal pack. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You should give this to the lawyer working for you ASAP. Do make sure that your finances are organised to complete on the date specified in the contract.
We were going to get a DIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Old Town solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Old Town solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I was told two weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Old Town is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
It has been four months since my purchase conveyancing in Old Town completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
What is different about your site and alternative online quote calculators when it comes to conveyancing in Old Town?
At this site receive a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Old Town. Unlike many estate agents and brokerage sites we do not charge firms a fee if you appoint them for your property ownership legalities in Old Town
Can you provide any top tips for leasehold conveyancing in Old Town with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Old Town can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ representatives. The majority of freeholders or managing agents in Old Town levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Old Town. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing. You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
Old Town Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Is the freehold owned collectively by the leaseholders? It would be wise to discover as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the common parts. Ask prospective neighbours what they think of them. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and precisely what you get for your money. It would be wise to investigate if the the lease includes any onerous restrictions in the lease. For instance it is very common in Old Town leases that pets are not permitted in in a block in Old Town. If you like the propertyin Old Town but your dog can’t move with you then you will be presented with a difficult decision.