We are a couple about to exchange contracts for a property in Leyton. We have hit a problem. Our loan offer with Chelsea Building Society expires on 4/8/2025 but the owners are suggesting a completion date of 6/8/2025. Can one prolong the mortgage expiry date?
The best person to deal with your issue is your solicitors who will hopefully determine whether he or she is should be discussing with the mortgage broker, owner’s representatives, property agents or conceivably all three taking into account the history of your house move as of today.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Leyton. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 2/6/2025, the requirements read as follows :
I'm the sole recipient of my late father’s will with all property in now in my sole name, including the my former home in Leyton. The Leyton property was put into my name in May. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership will be considered the same way as if I'd bought the house in May. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view banks take of it, depend on the mortgage company as this obligation principally exists to pick up on the purchase and immediately sell or the quick reselling of properties.
Are all Leyton Conveyancing Quality Solicitors on the UBS conveyancing list of approved firms?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
My partner and I are at the point of looking at apartments in Leyton and I am about to put in an offer. Is it advisable to have my conveyancing practitioner on ‘stand by’? I am planning to take a mortgage with TSB.
It would be wise to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
What will a local search inform me regarding the house we're buying in Leyton?
Leyton conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for example Onsearch The local search is essential in every Leyton conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
How does conveyancing in Leyton differ for new build properties?
Most buyers of new build residence in Leyton approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Leyton typically buy the site, 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 conveyancing solicitors 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 Leyton or who has acted in the same development.
Are you able to explain what my options are if my Leyton conveyancing searches shows adverse entries?
Normally, most adverse entries disclosed in Leyton conveyancing search responses can be handled prior to completion or indemnity insurance may be taken. You need to note that regardless of the fact that you are acquiring the premises and might be content to accept the search results, your building society or bank may not, and ultimately the decision rests with them.