We are about to exchange contracts for a leasehold flat in Badminton. We encountered a problem. Our loan offer with TSB expires on 13/10/2026 but the vendors are putting forward a completion date of 15/10/2026. Can one extend the mortgage offer?
The person best placed to deal with your issue is your solicitors who will determine if they should be discussing with the mortgage company, vendor’s conveyancers, property agents or conceivably all three given the circumstances your transaction as of today.
In what way does my ID and proof of funds have anything to do with my conveyancing in Badminton? Is this really necessary?
Badminton conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Evidence of the origin of funds is also required under the money laundering regulations as solicitors are obliged to investigate that the monies you are using to buy a property (be it the exchange deposit or the full purchase monies if you are a cash purchaser) has originated from an acceptable source (such as employment savings) rather than the proceeds of illegitimate activity.
Various internet forums that I have come across warn that are the primary cause of delay in Badminton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Badminton.
I am purchasing my first flat in Badminton with a mortgage from Platform Home Loans Ltd. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not to tell my solicitor about the side-deal as it could put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Badminton is the location of the property. What do you suggest?
Flying freeholds in Badminton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Badminton you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Badminton may ascertain 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 property.
My solicitors in Badminton have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.