We are a couple about to sign contracts for a freehold house in Kelvedon. We have hit a stumbling block. Our mortgage offer with Virgin Money runs out on 28/5/2025 but the sellers are insisting on a completion date of 30/5/2025. Is it possible to extend the loan expiry date?
The person best placed to deal with your question is your solicitors who will determine if they should be discussing with the mortgage company, seller’s lawyers, selling agents or conceivably all three based on the circumstances your conveyancing as of today.
Should conveyancers ask for money up-front when it comes to conveyancing in Kelvedon?
If you are buying a property in Kelvedon your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the purchase price then this should be needed immediately before contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
The Kelvedon conveyancing firm that just started acting on my house acquisition in Kelvedon have without warning closed. They were on acting for me because I had to have a lawyer on the Skipton conveyancing panel and my family Kelvedon lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Skipton conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
Me and my brother purchased a terraced Georgian property in Kelvedon. Conveyancing practitioner represented me and Santander. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kelvedon and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing solicitor who carried out the work.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Kelvedon. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Kelvedon ?
The majority of houses in Kelvedon are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Kelvedon in which case you should be looking for a Kelvedon conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.
I inherited a split level flat in Kelvedon, conveyancing formalities finalised in 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Kelvedon with an extended lease are worth £211,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2093
With only 68 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered 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.
Why can I not complete my conveyancing in Kelvedon on May bank holiday?
This is due to the fact that on completion the funds will be transferred electronically between the banks of the purchaser and owner’s property lawyer and currently this can only take place on a business day. It is not possible to complete on a saturday or sunday either.