We are a couple about to exchange contracts for a ground floor flat in Pentyrch. We encountered a snag. The mortgage offer with Skipton Building Society runs out on 14/12/2021 but the sellers are insisting on a completion date of 16/12/2021. Is it possible to prolong the loan expiry date?
The person best placed to deal with your concern is your lawyer who is in a position to assess if he or she is should be discussing with the mortgage company, vendor’s representatives, selling agents or indeed all three given the history of your house move as of today.
We wanted to use a property lawyer in Pentyrch for our house purchase. Our financial adviser informed us that our bank Yorkshire Building Society won't deal with them. Surely this is unduly restrictive?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Pentyrch conveyancing firms would have been on many bank panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms regarding their operations and their employees as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Pentyrch conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Pentyrch is amongst the hundreds of locations where the solicitors showing on our search results are are authorised to act for Yorkshire Building Society.
I have been told that property searches are the main cause of hinderance in Pentyrch conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Pentyrch.
I opted to have a survey done on a house in Pentyrch prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks tend not grant a mortgage on such a premises.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Pentyrch. Conveyancing may be slightly more expensive based on your lender's requirements.
I am hoping to complete next month on a leasehold property in Pentyrch. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Pentyrch should include some of the following:
Alterations to the property Details of the parties to the lease, e.g. these could be the leaseholder, superior lessor, landlord Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? if lease has a provision for a slush fund? You should receive a copy of the lease
Leasehold Conveyancing in Pentyrch - Examples of Questions you should ask before Purchasing
Make sure you investigate if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being permitted in in a block in Pentyrch. If you love the apartmentin Pentyrch yet your cat can’t make the move with you then you will be faced hard choice. Is the freehold reversion owned collectively by the tenants? Are there any major works on the horizon that will increase the maintenance fees?