We were just about to sign contracts for a freehold house in Stanmore. We encountered a stumbling block. The mortgage offer with Norwich and Peterborough Building Society runs out on 9/10/2018 but the owners are suggesting a completion date of 11/10/2018. Can one prolong the mortgage offer?
The best person to deal with your concern is your solicitors who should determine whether he or she is should be discussing with the bank, seller’s representatives, selling agents or conceivably all three based on the circumstances your transaction to date.
My husband and I wish to acquire a newly converted flat in Stanmore with a loan from Britannia.We like our Stanmore conveyancing solicitor but Britannia advised that he's not on their approved list of firms. We have to appoint a Britannia panel lawyer or keep our preferred solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you contains terms and conditions, one of which will be that lawyers needs to be on the Britannia solicitor panel. Until recently, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Britannia
How does conveyancing in Stanmore differ for newly converted properties?
Most buyers of new build property in Stanmore approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Stanmore usually acquire the land, 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 Stanmore or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Stanmore is the location of the property. What do you suggest?
Flying freeholds in Stanmore are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stanmore you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stanmore may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to find a conveyancing solicitor for some conveyancing in Stanmore. I have stumble upon a web site which appears to be the ideal offering If it is possible to get all formalities completed via email that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?