We are a couple about to exchange contracts for a leasehold flat in North Shields. We encountered a problem. The loan offer with Halifax runs out on 18/3/2025 but the sellers are suggesting a completion date of 20/3/2025. Can one extend the loan expiry date?
The best person to address this issue is your conveyancer who should calculate whether he or she is should be discussing with the lender, seller’s representatives, selling agents or indeed all three taking into account the circumstances your house move as of today.
I have been told that property searches are the main cause of stalling in North Shields conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in North Shields.
How does conveyancing in North Shields differ for new build properties?
Most buyers of new build property in North Shields approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in North Shields tend to acquire the real estate, 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 property lawyers 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 North Shields or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in North Shields in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some banks will not issue a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in North Shields. Conveyancing will be smoother if you use a solicitor in North Shields especially if they are familiar with such properties in North Shields.
How easy is it to change conveyancer as I have to select a firm on the National Westminster Bank conveyancing panel. I instructed a family conveyancing solicitor in North Shields five minutes from me but she is not approved by National Westminster Bank
It would be our pleasure to help you find a conveyancing solicitor in North Shields on the National Westminster Bank panel. Please note that the property lawyers that we on the directory do not pay us fee if you instruct them and are registered with the Solicitors Regulation Authority who regulate all conveyancing solicitors in North Shields. In making use of the find a conveyancing solicitor tool on this page, you can compare fees for conveyancing solicitors in North Shields and throughout England and Wales.
Being a leasehold owner I am liable for a maintenance fee for my property in North Shields. As a result of personal circumstances I slipped into arrears with payments. I negotiated a payment plan but there is still a couple of outstanding at the current time.
I am under pressure to sell and I am panicking this could hold me back if I have to discharge the amount due now. I'd like to sell up and then repay the debt from the completion monies - is this possible?
Do speak with the solicitor carrying out your North Shields conveyancing but it may be possible to agree for the arrears to be passed to the purchasers. The sale price payable would be adjusted to reflect the amount of debt they take on. They could then pay the arrears following completion of the purchase.