We are about to sign contracts for a ground floor flat in Pitstone. We have hit a problem. The loan offer with Birmingham Midshires runs out on 6/2/2023 but the vendors are suggesting a completion date of 8/2/2023. Is it possible to extend the mortgage offer?
The best person to address this concern is your conveyancer who is in a position to assess whether he or she is better off negotiating with the lender, owner’s solicitors, selling agents or conceivably all parties given the history of your house move as of today.
We note that you have a post code search directory identifying solicitors on the Leeds Building Society conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Pitstone?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Pitstone.
I happen to be the sole beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Pitstone. The Pitstone property was put into my name in November. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the property in November. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this clause is chiefly there to capture subsales or the wholesaling and assigning of property.
Are all Pitstone Conveyancing Quality Solicitors on the Co-operative conveyancing list of approved solicitors?
It is true that some banks and building societies now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
Clydesdale have agreed my home loan in principle, my offer on a flat in Pitstone has been accepted, what are the next steps?
Your estate agent will wish to be advised as to your lawyer's details (be sure the conveyancers are on the bank’s approved list). Contact Clydesdale or your financial adviser and complete any appropriate documentation. Clydesdale will appoint a valuer who will get in touch with the estate agent or owners to book an appointment. Once conducted (assuming no problems) it takes on average a week to receive the mortgage offer. Clydesdale will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Pitstone.
Due to the encouragement of my in-laws I had a survey completed on a property in Pitstone in advance of appointing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies will refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Pitstone. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Pitstone to see if the conveyancing costs will increase in light of this.
We own a leasehold flat in Pitstone. Conveyancing was finalised in 2010. I have been told that I mustn’t let the lease length get too short. Is this correct?
Pitstone residential long term leases are for a fixed period - often just under one hundred years when they commenced. However many appartments in Pitstone were built or converted in the 60’s and so such leases now have fewer than eighty years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions generally need leases to have a minimum of seventy five years remaining to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To increase your property value you should be thinking about whether to extend your lease well in advance of selling the property. There are also advantages to taking action before the lease hits eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to increase.