We are a couple about to exchange contracts for a freehold house in Whetstone. We encountered a snag. Our mortgage offer with Aldermore expires on 11/6/2024 but the sellers are insisting on a completion date of 13/6/2024. Is it possible to prolong the mortgage offer?
The person best placed to address this question is your solicitors who is in a position to assess whether they better off negotiating with the mortgage company, seller’s representatives, property agents or possibly all parties based on what has gone on in your house move to date.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel lawyer as I would much rather appoint a local conveyancing solicitor in Whetstone?
You should check but the chances are that appoint one of their panel solicitors if you want the "fee-free" incentive. Contact the lender and determine if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Whetstone.
We are getting a further advance on our mortgage from Skipton as we intend to carry out a loft conversion to our home in Whetstone. Do we need to select a high street Whetstone solicitor on the Skipton conveyancing panel to handle the paperwork?
Skipton would not normally require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton conveyancing panel.
I'm at the point of looking at apartments in Whetstone and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Leeds Building Society.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are seeking a mortgage with Leeds Building Society, make sure you remember to check that your lawyer is on the Leeds Building Society conveyancing panel.
TSB have agreed my home loan in principle, my offer on a apartment in Whetstone has been accepted, now what?
The property agent will wish to be informed of your lawyer's details (ensure that the solicitors are on the lender’s panel). Contact TSB or the financial adviser and complete any relevant forms. TSB will appoint a valuer who will get in touch with the selling agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. TSB will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Whetstone.
How does conveyancing in Whetstone differ for new build properties?
Most buyers of new build or newly converted property in Whetstone approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Whetstone 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 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 Whetstone or who has acted in the same development.
I work for a busy estate agency in Whetstone where we have witnessed a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Whetstone conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have had difficulty in trying to purchase the freehold in Whetstone. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Whetstone conveyancing firm who can help.
An example of a Lease Extension decision for a Whetstone residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired term was 76 years.