We were just about to sign contracts for a ground floor flat in Rainford. We have hit a snag. Our loan offer with Norwich and Peterborough Building Society runs out on 21/6/2019 but the vendors are putting forward a completion date of 25/6/2019. Can one prolong the loan expiry date?
The person best placed to address this issue is your lawyer who will hopefully determine if they corresponding with the lender, vendor’s conveyancers, selling agents or possibly all three based on what has happend in your house move as of today.
As someone unfamiliar with conveyancing in Rainford what is your top tip you can give me concerning the ownership transfer in Rainford
Not many law firms shout this from the rooftops but conveyancing in Rainford or throughout Merseyside is often a confrontational process. Put another way, when it comes to conveyancing there is plenty of opportunity for confrontation between you and other parties involved in the ownership transfer. For instance, the seller, estate agent and on occasion the bank. Choosing a solicitor for your conveyancing in Rainford is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose role it is to protect your legal interests and to keep you safe.
There is a definite creep in the "blame" culture- someone must be at fault for the process taking so long. We recommend that you your first instinct should be to trust your conveyancer ahead of the other parties when it comes to the legal assignment of property.
I opted to have a survey done on a property in Rainford in advance of retaining solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some banks will refuse to issue a loan on this type of premises.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Rainford. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I be concerned by brokers that I am dealing with are recommending an internet conveyancing firm as opposed to a High Street Rainford conveyancing practice?
As is the case with many service providers, often referrals from relatives can be worth their weight in gold. But there are numerous players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may recommend lawyers to use. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there exists a financial incentive behind the endorsement. You are free to select your preferred conveyancer. However, bear in mind that the majority of banks have an approved list of lawyers you are obliged to use for the lender related work in your home move.
I am attracted to a couple of maisonettes in Rainford which have about forty five years left on the leases. should I be concerned?
There are plenty of short leases in Rainford. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field.
Rainford Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
You should be aware that where the lease has less than eighty years it will have adverse implications on the salability of the apartment. Check with your mortgage company that they are content with remaining years on the lease. A short lease means that you will probably need a lease extension at some point and it is worth discovering what this will be. For most Rainfordlease extensions you would need to own the premises for a couple of years before you are legally able to extend the lease. The answer will be important as a) areas may cause problems in the block as the communal areas may start to deteriorate where repairs remain unpaid b) if the tenants have a dispute with the running of the building you will want to know about it Is anyone aware of any major works in the planning that could increase the service charges?