We are about to sign contracts for a leasehold flat in Rhuddlan. We have hit a problem. Our mortgage offer with Yorkshire Building Society runs out on 10/12/2025 but the vendors are suggesting a completion date of 12/12/2025. Can one prolong the loan offer?
The best person to deal with your concern is your solicitors who will determine whether he or she is better off negotiating with the lender, owner’s conveyancers, selling agents or conceivably all three given what has happend in your house move to date.
How does conveyancing in Rhuddlan differ for new build properties?
Most buyers of new build or newly converted property in Rhuddlan contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because builders in Rhuddlan usually buy 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 accustomed to new build conveyancing in Rhuddlan or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Rhuddlan I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Rhuddlan in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage that many years will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass 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 about this matter.
I have been recommended by a few property agents in Rhuddlan to get a quote from a property lawyer using your seach tool. What’s the financial incentive for Estate Agents to promote your site rather than a competitor’s?
We refuse to make any commission for sending work in our direction. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am a couple of weeks into a leasehold purchase having been referred to conveyancers by the selling agent to perform conveyancing in Rhuddlan. I am am very dissatisfied with the level of service. Could you you assist me in finding new lawyers?
A lawyer would need to be very poor in order to consider changing them. Has your mortgage been issued? In the event that it has you must make them aware of the new lawyer and get the mortgage documents are re-sent. The solicitor ideally should be on the mortgage company panel to avoid added costs and delays. That should be your starting point. Our search tool can assist you in finding a lender approved lawyer for your home move in Rhuddlan
I have just appointed agents to market my ground floor apartment in Rhuddlan. Conveyancing has not commenced, but I have just had a half-yearly service charge invoice – Do I pay up?
The sensible thing to do is discharge the maintenance contribution as normal given that all rents and service charges will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Rhuddlan - Examples of Questions you should ask before Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? How much is the ground rent and service charge? It would be a good idea to find out if the the lease includes any adverse restrictions in the lease. By way of example some leases prohibit pets being allowed in in a block in Rhuddlan. If you love the flatin Rhuddlan however your dog is not allowed to make the move with you then you will be faced hard choice.