We are about to sign contracts for a garden flat in Wilford. We have hit a snag. The mortgage offer with The Mortgage Works runs out on 9/1/2020 but the vendors are insisting on a completion date of 13/1/2020. Can one extend the loan offer?
The person best placed to address this issue is your lawyer who is in a position to assess if they should be discussing with the mortgage broker, vendor’s solicitors, selling agents or possibly all parties given the circumstances your conveyancing as of today.
Is there a reason why leasehold purchase conveyancing in Wilford is more expensive?
In short, leasehold conveyancing in Wilford and Nottinghamshire usually requires more work compared to freehold transactions. This includes checking the lease terms, corresponding with the landlord concerning serving appropriate notices, procuring current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
My property lawyer in Wilford is not listed on the Accord Mortgages Ltd Conveyancing Panel. Is it possible for me to retain my family solicitor notwithstanding that they are not on the Accord Mortgages Ltd approved list?
The limited options available to you here include:
- Complete the purchase with your preferred Wilford solicitors but Accord Mortgages Ltd will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the total conveyancing charges and cause delays.
- Choose a new practitioner to to deal with the conveyancing, not forgetting to check they are on the Accord Mortgages Ltd panel
How does conveyancing in Wilford differ for new build properties?
Most buyers of new build residence in Wilford contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Wilford typically acquire the site, 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 conveyancers 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 Wilford or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Wilford is where the house is located. What do you suggest?
Flying freeholds in Wilford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wilford you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wilford 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 premises.