We were just about to exchange contracts for a ground floor flat in Winchelsea. We encountered a snag. Our mortgage offer with The Mortgage Works runs out on 19/11/2021 but the owners are suggesting a completion date of 23/11/2021. Can one extend the loan expiry date?
The best person to address this question is your solicitors who should determine if he or she is corresponding with the lender, vendor’s lawyers, selling agents or indeed all parties based on the history of your house move as of today.
What happens if my solicitor is removed from the Aldermore Solicitor panel ahead of completing my conveyancing in Winchelsea?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My husband and I are FTB’s - agreed a price, yet the property agent advised that the vendor will only move forward if we use the agent's recommended solicitors as they need a ‘quick sale’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Winchelsea
It is improbable the sellers are driving this. If they desire ‘a quick sale', alienating a genuine buyer is is going to put the whole deal at risk. Try to communicate with the vendors directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you are going to appoint your own,trusted Winchelsea conveyancing lawyers - as opposed tothose that will give the estate agent a kickback or achieve conveyancing targets pre-set by HQ.
Can you offer any advice when it comes to choosing a Winchelsea conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Winchelsea conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Winchelsea conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
How familiar is the practice with lease extension legislation? Can they put you in touch with clients in Winchelsea who can give a testimonial?
Winchelsea Leasehold Conveyancing - Sample of Queries Prior to Purchasing
Are there any major works on the horizon that could increase the maintenance charges? How much is the maintenance charge and ground rent on the property? Be sure to discover if there are any onerous restrictions in the lease. For example some leases prohibit pets being allowed in certain buildings in Winchelsea. If you like the apartmentin Winchelsea but your cat can’t live with you then you have a very difficult choice.
After what seems like an age I have had an offer on an flat in Winchelsea agreed to, the vendor does however have an associated purchase. The sellers have submitted an offer on a property, however it’s not been accepted yet, and has viewings of other flats in the pipeline. I have chosen a nearby conveyancing solicitor in Winchelsea. What should be my next step? At what stage should I apply for the mortgage with Bank of Ireland?
It is standard to have anxieties where there is a chain given your reluctance to incur costs too early (mortgage application is in the region of one thousand pounds, then valuation, Winchelsea conveyancing search fees, etc). The first thing to do is check that your solicitor is on the Bank of Ireland approved list. Regarding the next phase this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. During a rising market many purchasers would apply for the mortgage with Bank of Ireland and pay for the survey and only if it comes back ok would they ask their lawyer to press on with searches.