We are a couple about to exchange contracts for a ground floor flat in Duston. We have hit a snag. Our mortgage offer with Barclays Direct expires on 18/8/2025 but the sellers are insisting on a completion date of 20/8/2025. Can one extend the mortgage offer?
The person best placed to deal with your concern is your solicitors who will hopefully determine whether he or she is should be discussing with the mortgage company, vendor’s conveyancers, estate agents or possibly all three taking into account the history of your house move as of today.
Will conveyancers request money on account when it comes to conveyancing in Duston?
Where you are retaining lawyers for conveyancing in Duston your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the sale price then this will be required immediately ahead of contracts are exchanged. The final balance that is due will be payable shortly before completion.
Please explain the implications if my solicitor is suspended from the Nationwide Solicitor panel ahead of completing my conveyancing in Duston?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Various internet forums that I have frequented warn that are a common reason for obstruction in Duston house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Duston.
I am looking for a leasehold apartment up to £235,500 and found one near me in Duston I like with amenity areas and station in the vicinity, however it only has 51 years on the lease. There is not much else in Duston suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
What are the frequently found problems that you witness in leases for Duston properties?
There is nothing unique about leasehold conveyancing in Duston. All leases are drafted differently and drafting errors can sometimes mean that certain sections are missing. 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Duston - Sample of Questions you should ask before Purchasing
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Where a Duston lease has less than eighty years it will impact the value of the flat. It is worth checking with your bank that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out what this will be. For most Dustonlease extensions you will need to own the premises for a couple of years before you are entitled to extend the lease. The answer will be useful as a) areas may cause problems for the building as the common areas may start to deteriorate where maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will need to have full disclosure Best to be warned whether changing the roof or some other significant cost is due shortly that will be shared by the leasehold owners and may well materially impact the level of the service charges or result in a one off invoice.