We were just about to sign contracts for a property in Bordon. We have hit a stumbling block. Our mortgage offer with The Mortgage Works runs out on 17/3/2025 but the sellers are insisting on a completion date of 19/3/2025. Can one extend the mortgage offer?
The best person to address this issue is your conveyancer who is in a position to assess whether he or she is better off negotiating with the lender, seller’s solicitors, selling agents or indeed all three given what has gone on in your conveyancing to date.
It is a dozen years since I bought my home in Bordon. Conveyancing solicitors have now been retained on the sale but I can't locate the title documents. Will this cause complications?
Don’t worry too much. First there is a chance that the deeds will be with the lender or they could be in the possession of the solicitor who acted in your purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Bordon relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
I need some quick conveyancing in Bordon as I have an ultimatum to complete in less than one month. A home loan is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not getting a home loan you are at free not to have searches conducted although no solicitor would advise that you don't. With plenty of history conveyancing in Bordon the following are examples of what can be revealed and therefore impact future saleability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
My uncle has urged me to appoint his lawyers for conveyancing in Bordon. Do I follow his guidance?
No doubt the best way to find a conveyancing lawyer is to have feedback from friends or relatives who have actually used the conveyancer that you are are thinking of instructing.
Can you provide any advice for leasehold conveyancing in Bordon with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bordon can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers’ representatives. Some Bordon leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. The majority of freeholders or managing agents in Bordon charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Bordon. If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Obtaining a re-issued share certificate is often a time consuming formality and delays many a Bordon home move. Where a duplicate share is needed, do contact the company officers or managing agents (if relevant) for this sooner rather than later.
I acquired a garden flat in Bordon, conveyancing having been completed June 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Bordon with a long lease are worth £227,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2097
With 72 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
My nephew is about to join the property ladder, the home loan was agreed last week in principle. One the seller agreed the offer on the house we contacted the bank to issue the formal offer. We were shocked to discover that mortgage lenders do not accept all property lawyer, they need to be on their approved list, is this legal?
Lenders tend to restrict either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Bordon solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.