We were just about to sign contracts for a ground floor flat in Harbury. We encountered a problem. Our mortgage offer with Barclays Direct expires on 6/2/2026 but the sellers are suggesting a completion date of 10/2/2026. Is it possible to extend the mortgage offer?
The best person to address this issue is your conveyancer who will assess whether he or she is should be discussing with the mortgage company, owner’s lawyers, estate agents or possibly all parties taking into account the circumstances your house move as of today.
Can your site be used to find a Conveyancing solicitor in Harbury even if I’m not purchasing or disposing of a house, for example where I want to buy a shop in Harbury with a loan from Leeds Building Society?
The service is predominantly used to help choose residential conveyancing solicitors in Harbury but we have listed at the bottom of this page some Harbury commercial conveyancing firms. You should make contact with the company directly to establish if they can also act for Leeds Building Society
I have been told that property searches are the main cause of stalling in Harbury house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Harbury.
How does conveyancing in Harbury differ for newly converted properties?
Most buyers of new build property in Harbury approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Harbury typically 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 used to new build conveyancing in Harbury or who has acted in the same development.
I am looking for a flat up to £235,500 and found one round the corner in Harbury I like with open areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Harbury suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Can you offer any advice when it comes to finding a Harbury conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Harbury conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Harbury conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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What volume of lease extensions has the firm carried out in Harbury in the last year? Can they put you in touch with clients in Harbury who can give a testimonial?
I acquired a garden flat in Harbury, conveyancing was carried out in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Harbury with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2084
With only 59 years left to run the likely cost is going to be between £20,900 and £24,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional 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.