We were just about to exchange contracts for a property in Newington. We encountered a snag. Our loan offer with National Westminster Bank expires on 15/1/2026 but the sellers are insisting on a completion date of 19/1/2026. Is it possible to extend the mortgage offer?
The person best placed to deal with your question is your conveyancer who will hopefully calculate whether they should be discussing with the mortgage broker, owner’s representatives, selling agents or possibly all parties taking into account what has gone on in your transaction as of today.
How does conveyancing in Newington differ for new build properties?
Most buyers of new build property in Newington contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Newington tend to 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 Newington or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Newington is where the house is located. Can you offer any assistance?
Flying freeholds in Newington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newington you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am 17 days into a residential purchase having been referred to conveyancers by the local agent to do our conveyancing in Newington. We are not happy. Could you help me find new conveyancers?
A solicitor would need to be very poor in order to consider diss instructing them. Has your mortgage offer been generated? In the event that it has you need to advise them of the replacement conveyancer and ensure the offer are re-issued. The conveyancer should be on the lenders approved list to avoid added fees and delays. So that should be your starting point. Our find a solicitor tool can help you find a lender approved lawyer for your conveyancing in Newington
Last July I purchased a leasehold property in Newington. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up trying to purchase the freehold in Newington. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to calculate the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Newington residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired residue of the current lease was 107 years.
I was told by my bank that their approved conveyancers work on no sale no charge basis for conveyancing in Newington. I had a purchase abort nevertheless the lawyers have requested search fees! They say the fees are independent!
Newington conveyancing search fees are disbursements not solicitors fees as these are payable to independent parties.