We are a couple about to exchange contracts for a freehold house in Virginia Water. We encountered a snag. Our loan offer with expires on but the sellers are suggesting a completion date of . Can one prolong the loan expiry date?
The best person to address this question is your solicitors who should calculate whether he or she is better off negotiating with the bank, vendor’s conveyancers, estate agents or conceivably all three given the circumstances your house move to date.
How does conveyancing in Virginia Water differ for newly converted properties?
Most buyers of new build property in Virginia Water come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Virginia Water tend to 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 property lawyers 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 Virginia Water or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Virginia Water I like with open areas and railway links in the vicinity, however it only has 52 years on the lease. There is not much else in Virginia Water suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am looking into buying my first house which is in Virginia Water and I am already nervous. I couldn't find anything specific about Virginia Water. Conveyancing will be needed in due course but do you know about the Virginia Water area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Virginia Water. In the meantime here are some basic statistics that we found
What do I do if I am unhappy with the who carried out my conveyancing in Virginia Water?
We live in an imperfect world, and unfortunately occasionally things do go wrong. That being said there is recourse if you were unhappy with your conveyancing in Virginia Water. This varies from trying to resolve matters directly with them, through to reporting a to their governing body. If you remain unhappy you may consider enlisting the help of the Legal Ombudsman.