We are a couple about to exchange contracts for a ground floor flat in Cornwall. We encountered a problem. Our loan offer with Skipton Building Society runs out on 9/11/2026 but the vendors are insisting on a completion date of 11/11/2026. Is it possible to extend the loan offer?
The person best placed to deal with your concern is your lawyer who should assess whether they should be discussing with the mortgage broker, owner’s representatives, property agents or conceivably all parties given the circumstances your transaction as of today.
How does conveyancing in Cornwall differ for newly converted properties?
Most buyers of new build premises in Cornwall come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Cornwall typically purchase the land, 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 Cornwall or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Cornwall prior to retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend not issue a mortgage on such a home.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cornwall. Conveyancing will be smoother if you use a solicitor in Cornwall especially if they are accustomed to such properties in Cornwall.
How simple is it to use your search tool to get a fee calculation from a conveyancing solicitor in Cornwall on the authorised to act for my bank?
First pick a lender such as Barclays , Bank of Scotland or Nottingham Building Society then specify your location for instance Cornwall. Conveyancing practices in Cornwall and across England and Wales should be identified.
What advice can you give us when it comes to appointing a Cornwall conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Cornwall conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Cornwall conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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How familiar is the firm with lease extension legislation?
Cornwall Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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Are any of leasehold owners in arrears of their service charge liability? For most Cornwall leaseholds the cost for major works are not included within service charges, albeit that some managing agents in Cornwall obliged leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for major works.
The lawyers carrying out our conveyancing in Cornwall has sent documents to review that show the property is unregistered with epitome documents. Is it not the case that all property in Cornwall should be registered?
Whilst most properties in Cornwall are now registered with HM Land Registry there are still a few that remain unregistered. Any property in Cornwall that has been transferred since the late 1980’s will have been registered at the Land Registry under the compulsory ‘first registration’ scheme. However, if a Cornwall property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Plenty of Cornwall conveyancing practitioners should be familiar with this type of conveyancing but where uncertainty reigns the prevailing recommendation these days seems to be for the seller’s conveyancer to register the title first and subsequently deal with the sale conveyance - this undoubtedly cause a significant delay.