We are a couple about to exchange contracts for a semi detached house in Stansted. We have hit a stumbling block. The loan offer with Clydesdale runs out on 16/8/2021 but the sellers are putting forward a completion date of 18/8/2021. Can one extend the loan offer?
The person best placed to address this question is your lawyer who is in a position to assess whether he or she is better off negotiating with the mortgage broker, seller’s solicitors, estate agents or possibly all parties based on the history of your transaction as of today.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Stansted. Do I pick up the keys to the house on the completion date from my solicitor? If this is the case, I will appoint a High Street conveyancing solicitor in Stansted?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you should be called to pick up the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
I have a mortgage with RBS for my property in Stansted. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval before renting your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel firm.
I was told three weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Stansted is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly identified during conveyancing in Stansted?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Stansted. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Stansted differ for new build properties?
Most buyers of new build property in Stansted come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Stansted typically purchase 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 used to new build conveyancing in Stansted or who has acted in the same development.
I'm converting the mortgage on my existing property to a BTL loan with Barnsley Building Society and intend to use the remaining equity as a down payment on another house. The neighborhood we are talking about is Stansted. Will your solicitors be able to act for the two banks and tie in the two deals?
Make use of our search tool on this page to check that the conveyancers are approved by both mortgage companies. On the basis that they are the conveyancer will be able to connect the two conveyancing matters but you should have a chat with you lawyer and specify your expectations and needs.