We are a couple about to sign contracts for a freehold house in Goodwick. We encountered a stumbling block. The loan offer with Barclays Direct runs out on 13/1/2025 but the owners are insisting on a completion date of 15/1/2025. Can one prolong the mortgage offer?
The person best placed to address this issue is your lawyer who is in a position to assess whether they better off negotiating with the mortgage company, seller’s conveyancers, property agents or possibly all three given the history of your conveyancing as of today.
We note that you have a post code search directory listing solicitors on the Barclays conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Goodwick?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Goodwick.
We wanted to use a property lawyer in Goodwick for our house move. Our broker informed us that our mortgage company Barclays Direct won't deal with them. Surely this is unfair competition?
Mortgage Companies on the whole imposes restrictions either the category or the volume of conveyancing practices on their member panel. Typical examples of such restriction(s) being that a law practice must have two or more partners. As well as restricting the profile of firm, a few lenders have decided to limit the amount of firms they permit to act for them. Be aware that Barclays Direct have no responsibility for the quality of advice provided by any member of Barclays Direct Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there are mixed views regarding the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Goodwick only execute very few conveyances per annum.
I'm buying a new build house in Goodwick with a loan from Leeds Building Society. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my lawyer about the extras as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am a negotiator for a busy estate agent office in Goodwick where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Goodwick conveyancing solicitors. Could you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a ground floor flat in Goodwick, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Goodwick with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2089
You have 65 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Me and my partner are first time buyers just having agreed a price on a property in Goodwick, and are now looking to get solicitors appointed. We have made use of the numerous comparison based websites and the quotes are from all over the the UK. Is it necessary to have a Goodwick lawyer local to your potential new home? I am willing to do all the communicating over the internet, but I assume at some point we may need to physically go into the conveyancer's office to sign contracts?
The conveyancing practitioner does not need to be in Goodwick, but choosing local means that you have the option to go in if required, by way of example, if a signature is immediately necessary. In addition, a Goodwick solicitor is likely to be familiar with local agents and (if the vendor has instructed a local conveyancing practitioner) with them, which will help keep things moving faster.