We were just about to exchange contracts for a freehold house in Formby. We encountered a snag. The mortgage offer with Birmingham Midshires runs out on 24/3/2025 but the sellers are putting forward a completion date of 26/3/2025. Is it possible to prolong the mortgage expiry date?
The person best placed to address this concern is your conveyancer who will hopefully assess if he or she is better off negotiating with the bank, owner’s representatives, selling agents or conceivably all parties taking into account the history of your conveyancing as of today.
How does conveyancing in Formby differ for new build properties?
Most buyers of new build or newly converted property in Formby come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Formby usually purchase the real estate, 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 accustomed to new build conveyancing in Formby or who has acted in the same development.
Taking into account that I will soon spend hundreds of thousands of pounds on a property in Formby I would like to talk to a conveyancer concerning theconveyancing in advance of appointing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer due to be conducting your conveyancing in Formby.There is no ‘factory style conveyancing’ - each client is an important person, not a case reference. The solicitors that we put you in touch with believe that the fees you are provided with for your conveyancing in Formby should be the figure that you are charged.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Formby. I've land on a site which appears to be the perfect offering If there is a chance to get all the legals done via web that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Last September I purchased a leasehold property in Formby. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a 1 bedroom flat in Formby, conveyancing was carried out May 2011. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Formby with an extended lease are worth £211,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2093
With only 68 years left to run the likely cost is going to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures 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 want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What type of property do your Formby conveyancing estimates relate to?
Our conveyancing quotes are only applicable to standard domestic homes in England & Wales. If you have any different requirements such as industrial or agricultural property or commercial conveyancing in Formby please contact us to consider your requirements .