We were just about to sign contracts for a ground floor flat in Wombourne. We encountered a stumbling block. The loan offer with Norwich and Peterborough Building Society expires on 2/3/2026 but the owners are insisting on a completion date of 4/3/2026. Is it possible to extend the loan expiry date?
The best person to deal with your question is your solicitors who is in a position to assess whether he or she is corresponding with the bank, vendor’s representatives, estate agents or possibly all three based on the history of your transaction to date.
When does exchange of contracts occur in residential conveyancing in Wombourne and am I required to attend the conveyancers office?
Where you are local to our conveyancing solicitors in Wombourne you are invited in to sign documents. That being said, the law practices we recommend provide countrywide coverage for conveyancing and provide just as detailed and professional a job for you when dealing with you by post or email. The executing of the contract is not the important part. Signing on the dotted line simply enables the solicitor to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Wombourne)to be in the office available at the end of the phone to exchange contracts.
I completed on my home on 3 August and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Wombourne advises it should be dealt with in a couple of weeks. Are titles in Wombourne particularly slow to register?
As far as conveyancing in Wombourne registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether there are errors and if the Land registry need to notify any third persons or bodies. At present approximately three quarters of submission are completed within two weeks but some can be subject to protracted hold-ups. Historically registration takes place after the new owner is living at the premises thus 'speed' is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Wombourne differ for new build properties?
Most buyers of new build residence in Wombourne come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Wombourne tend to acquire 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 used to new build conveyancing in Wombourne or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Wombourne ahead of appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies may not issue a mortgage on such a property.
It varies from the lender to lender. Santander has different instructions from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wombourne. Conveyancing will be smoother if you use a solicitor in Wombourne especially if they are accustomed to such properties in Wombourne.