We were just about to sign contracts for a property in Wargrave. We encountered a snag. Our mortgage offer with Virgin Money runs out on 22/1/2024 but the vendors are insisting on a completion date of 24/1/2024. Can one extend the loan expiry date?
The best person to deal with your question is your lawyer who will hopefully calculate if he or she is corresponding with the mortgage broker, owner’s solicitors, selling agents or conceivably all three based on the circumstances your transaction to date.
Do I need to pop into the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Wargrave so that I can attend their offices if necessary.
These days approved lawyers for banks carry out the vast majority of communications via Royal Mail, internet or over phone calls. This means that they can undertake the legal work for your home move regardless of where you live in England or Wales. Nevertheless you should see if you can still book an appointment to visit conveyancing lawyer if you prefer.
What is the difference between a licensed conveyancer and conveyancing solicitor in Wargrave
There are two types of lawyers who can execute conveyancing in Wargrave namely licenced conveyancers or solicitors. The two can provide conveyancing services that you need to complete the sale or purchase of property. Both are required to execute Wargrave conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be properly administered and that the requisite steps should be accurately attended to.
When it comes to lenders such as Principality, do Wargrave conveyancing practitioners have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I am expecting a OIP from Barclays this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any Wargrave solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Wargrave solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
Due to the encouragement of my in-laws I had a survey completed on a property in Wargrave in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks may refuse to issue a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wargrave. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any advice for leasehold conveyancing in Wargrave with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Wargrave can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ solicitors. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Wargrave leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you fail to have the consents to hand do not contact the landlord without checking with your solicitor in advance. A minority of Wargrave leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a re-issued share certificate is often a lengthy formality and frustrates many a Wargrave home move. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later. If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved.
Leasehold Conveyancing in Wargrave - Sample of Questions you should consider before Purchasing
What prohibitions are contained in the Wargrave Lease? Who is in charge of the block? If a Wargrave lease has less than eighty years it will impact the marketability of the property. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth finding out what this will be. For most Wargravelease extensions you would be required to have been the owner of the property for a couple of years before you are legally able to exercise a lease extension.