We are a couple about to exchange contracts for a garden flat in Spital. We have hit a problem. The loan offer with Yorkshire Building Society expires on 10/1/2020 but the vendors are suggesting a completion date of 14/1/2020. Is it possible to extend the loan offer?
The best person to address this question is your solicitors who is in a position to calculate whether he or she is corresponding with the lender, seller’s lawyers, property agents or conceivably all three based on the circumstances your house move as of today.
We note that you have a post code search directory listing solicitors on the Bank of Ireland conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Spital?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Spital.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to instruct a Spital based conveyancing firm?
You should check but the the probability is that give you one of their panel lawyers if you want the "fee-free" incentive. Speak to the lender to see if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Spital.
How does conveyancing in Spital differ for newly converted properties?
Most buyers of new build or newly converted property in Spital come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Spital usually purchase the real estate, 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 Spital or who has acted in the same development.
What are the specific benefits to choosing a local lawyer in Spital
Home movers in Spital decide on using a nearby high street conveyancing practitioner so that they can visit if they have questions, and to sign mortgage deeds without using the Royal Mail.
One could suggest that there exists a slight benefit when opting for a conveyancer nearby to the premises you are purchasing, due to the knowledge of the area and potential local issues - but this is debatable. Many conveyancers conduct their work over the internet and could be based anywhere.