We are a couple about to exchange contracts for a freehold house in Copmanthorpe. We have hit a snag. Our mortgage offer with Norwich and Peterborough Building Society expires on 4/8/2025 but the vendors are suggesting a completion date of 6/8/2025. Can one prolong the mortgage offer?
The person best placed to address this concern is your lawyer who should calculate whether he or she is should be discussing with the lender, seller’s conveyancers, estate agents or possibly all parties based on the circumstances your transaction to date.
My lawyer in Copmanthorpe has never been on on the The Mortgage Works Conveyancing Panel. Can I still retain my prefered solicitor notwithstanding that they are excluded from the The Mortgage Works list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Copmanthorpe solicitors but The Mortgage Works will need to use a lawyer on their list of acceptable firms. This will result in additional overall conveyancing fees and cause delays.
- Choose an alternative practitioner to act in the purchase, not forgetting to check they are on the The Mortgage Works panel
I am aiming to move house in July. Should my conveyancing solicitor liaise with the removal company on the completion day. On a separate note, can you put forward a removal company in Copmanthorpe. Conveyancing lawyer was found before I stumbled across your page.
On the day of completion you will need to pick up the keys from your estate agent but this should only occur after the previous owners conveyancers confirm to the agent that they acknowledge receipt of the completion payment and the keys can be released. You can inform the removal company that you are ready to move in. We are not in a position to recommend a particular removal organisation but can help you choose a conveyancing in Copmanthorpe or a solicitor that specialises in conveyancing in Copmanthorpe.
I currently have a mortgage with Coventry BS for my property in Copmanthorpe. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Coventry BS must be informed of your intention in advance of letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel lawyer.
After what feels like an age I have had an offer on a maisonette in Copmanthorpe accepted, but there is a chain. The vendors have offered on on an apartment, but it’s not been accepted yet, and are looking at other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Copmanthorpe. What do I do now? When do I get the mortgage application with Principality going?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then valuation, Copmanthorpe conveyancing search costs, etc). The first thing to do is check that your lawyer is on the Principality conveyancing panel. As to the subsequent phase this very much depends on the circumstances of your case, motivation for this property and on the state of the market. In a buoyant market the majority of home buyers will apply for the mortgage with Principality and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to proceed with the conveyancing in Copmanthorpe.
A colleague advised me that if I am buying in Copmanthorpe I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Copmanthorpe conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Copmanthorpe around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Copmanthorpe Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Copmanthorpe Education with plans and statistics, Local Amenities and other useful data about Copmanthorpe.
About to purchase a new build flat in Copmanthorpe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Copmanthorpe
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Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
What makes a Copmanthorpe lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Copmanthorpe. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
I invested in buying a garden flat in Copmanthorpe, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Copmanthorpe with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2086
With only 61 years unexpired the likely cost is going to be between £19,000 and £22,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.