We are about to sign contracts for a freehold house in Long Ashton. We encountered a snag. The mortgage offer with Clydesdale expires on 12/1/2026 but the sellers are suggesting a completion date of 14/1/2026. Can one extend the mortgage offer?
The best person to deal with your concern is your lawyer who will determine if they corresponding with the bank, vendor’s representatives, property agents or conceivably all three based on the history of your house move to date.
I own a freehold premises in Long Ashton yet pay rent, why is this and what is this?
It’s unusual for properties in Long Ashton and has limited impact for conveyancing in Long Ashton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My husband and I are hoping to buy a newly converted apartment in Long Ashton with a homeloan from Chelsea Building Society.We have a Long Ashton conveyancing solicitor but Chelsea Building Society informed us he's not listed on their "panel". we are left little option but to use a Chelsea Building Society panel lawyer or keep our local solicitor and fork out for a Chelsea Building Society panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, a common one being that lawyers needs to be on the Chelsea Building Society conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Chelsea Building Society
Have just purchased a probate house at auction in Long Ashton. Conveyancing is needed. What is next?
Having to all intents and purposes signed on the dotted line you now have to retain a conveyancing practitioner quickly as you are faced with a pending deadline in which to complete the deal. All auction property will ordinarily have a corresponding legal pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You need to give this to the conveyancer instructed by you ASAP. You also need to ensure that that you have the requisite funding organised to complete on the on the contractual date .
Forgive me if this question is silly but I am unexperienced as a 1st time buyer of a two bedroom flat in Long Ashton. Do I collect the keys to the premises on completion from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in Long Ashton?
On the day of completion you do not need to go to the conveyancers office in Long Ashton. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s lawyers, and once they have received this, you should be called to pick up the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
I can not fathom if my mortgage offer requires a lease extension. I have called my Long Ashton bank branch on a couple of occasions and was informed it wasn't an issue and they will lend. My Long Ashton conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend based on their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender approved list, they must follow the CML Handbook provisions for the bank. 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'm buying my first flat in Long Ashton with a loan from TSB. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not disclose to my solicitor about this side-deal as it could adversely affect my mortgage with the bank. 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.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Long Ashton I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Long Ashton suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. 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. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.