We were just about to exchange contracts for a semi detached house in Chester le Street. We encountered a problem. Our mortgage offer with Lloyds TSB Bank runs out on 29/12/2025 but the owners are putting forward a completion date of 31/12/2025. Can one extend the loan offer?
The best person to deal with your issue is your lawyer who will assess if they better off negotiating with the mortgage company, seller’s representatives, selling agents or indeed all parties given what has gone on in your transaction as of today.
As someone unfamiliar with conveyancing in Chester le Street what’s your top tip you can give me concerning the legal transfer of property in Chester le Street
You may not hear this from too many lawyers but conveyancing in Chester le Street and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there is plenty of room for conflict between you and others involved in the transaction. For example, the vendor, selling agent and even potentially your mortgage company. Appointing a solicitor for your conveyancing in Chester le Street should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the process whose responsibility is to protect your best interests and to keep you safe.
There is a distinct creep of a "blame" culture- someone has to be at fault for the process taking so long. You your first instinct should be to trust your solicitor ahead of the other parties in the home moving process.
Are there restrictive covenants that are commonly identified during conveyancing in Chester le Street?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Chester le Street. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Chester le Street differ for newly converted properties?
Most buyers of new build premises in Chester le Street come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Chester le Street tend to buy 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 accustomed to new build conveyancing in Chester le Street or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Chester le Street is where the house is located. Can you shed any light on this issue?
Flying freeholds in Chester le Street are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chester le Street you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chester le Street may determine 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.
I was advised by numerous selling agents in Chester le Street to find a property lawyer using your seach tool. Is there a financial advantage for Estate Agents to promote your lawyers over alternative conveyancing organisations?
We refuse to give any referral fee for directing people our way. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.