We were just about to sign contracts for a ground floor flat in Petts Wood. We encountered a problem. Our mortgage offer with Accord Mortgages Ltd runs out on 21/7/2026 but the vendors are putting forward a completion date of 23/7/2026. Can one prolong the mortgage expiry date?
The best person to address this concern is your lawyer who will hopefully calculate if he or she is better off negotiating with the lender, vendor’s lawyers, property agents or possibly all parties based on the history of your house move to date.
I purchased a freehold house in Petts Wood but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Petts Wood and has limited impact for conveyancing in Petts Wood 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My aunt pointed out to me me that in buying a property in Petts Wood there could be various restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Petts Wood which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Petts Wood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm the single recipient of my late father’s estate and I have everything in my name now, including the my former home in Petts Wood. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in April. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many banks would take a pragmatic view as this provision is primarily there to capture the purchase and immediately sell or the quick reselling of properties.
When it comes to mortgage companies such as Bank of Ireland, do Petts Wood solicitors have to pay an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I have justbeen informed that Stirling Law have been shut down. They carried out my conveyancing in Petts Wood for a purchase of a leasehold apartment 9 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Petts Wood conveyancing specialists.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Petts Wood I like with a park and railway links in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Petts Wood for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Should I go with a Petts Wood conveyancing solicitor in close proximity to the house I am buying? I have an old university friend who can perform the legal work but they are based over three hundred miles drive away.
The primary upside of using a high street Petts Wood conveyancing firm is that you can attend the office to sign documents, deliver your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a bonus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were content that should outweigh using an unfamiliar Petts Wood conveyancing solicitor solely due to them being round the corner.