We are a couple about to sign contracts for a property in Henfield. We encountered a stumbling block. The mortgage offer with Godiva Mortgages Ltd runs out on 31/3/2025 but the sellers are insisting on a completion date of 2/4/2025. Is it possible to extend the mortgage expiry date?
The best person to deal with your concern is your solicitors who should calculate whether they should be discussing with the mortgage broker, seller’s solicitors, estate agents or conceivably all parties taking into account what has happend in your house move as of today.
What is the first thing I need to know about purchase conveyancing in Henfield?
Not many law firms shout this from the rooftops but conveyancing in Henfield and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists plenty of room for conflict between you and others involved in the transaction. For instance, the vendor, selling agent and sometimes your bank. Choosing a law firm for your conveyancing in Henfield an important selection as your conveyancer is your adviser, and is the ONLY party in the process whose responsibility is to protect your best interests and to keep you safe.
On occasion a potential adversary will try and sway you that it is in your interests to do things their way. As an example, the property agent may claim to be assisting by suggesting your conveyancer is wrong. Or your financial adviser may tell you to do something that is against your lawyers advice. You should always trust your lawyer above all other parties in the conveyancing process.
I happen to be the only beneficiary of my late father’s estate and I have everything in my name alone, including the house in Henfield. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the house in December. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view mortgage companies take of it, depend on the bank as this obligation chiefly exists to capture subsales or the wholesaling and assigning of properties.
When it comes to mortgage companies such as Barclays, do Henfield conveyancers have to pay an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Henfield bank branch on a couple of occasions and was told it wasn't an issue and they would lend. My Henfield conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancing practitioner is on the lender panel, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am looking for a ground for flat up to £305k and identified one close by in Henfield I like with open areas and transport links nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Henfield for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Do I need to be concerned by estate agents that I am dealing with are encouraging me to use an online conveyancing firm rather than a High Street Henfield conveyancing practice?
As with many service providers, often recommendations from family and friends can be most helpful. Nevertheless there are many players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to retain. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there might be a financial incentive behind the recommendation. You have the right to choose your preferred lawyer. Don't forget that many mortgage providers operate an approved list of lawyers you are obliged to use for the mortgage related work in your house move.
In surfing the world wide web for the phrase on line conveyancing in Henfield it brings up numerous solicitorslocally. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The ideal way of finding a suitable conveyancer is via personal testimonial, so enquire of colleagues and family who have purchased a property in Henfield or a local estate agent or mortgage broker. Charges for conveyancing in Henfield vary, so it's sensible to request a minimum of three quotes from varying types of companies. Make sure that you clarify that the costs are guaranteed not to escalate.