I am not in a position to travel far from Saxmundham. Please spell out why all Saxmundham conveyancers are not on all bank panels?
Even though it may seem unfair for mortgage companies to limit who can represent them, from the public’s or conveyancer’s standpoint, the the contrary view is that mortgage companies are becoming ever more anxious and consider it necessary to protect them against illegal activities. As a result of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a manageable size.
We were just about to exchange contracts for a ground floor flat in Saxmundham. We have hit a problem. Our loan offer with Nottingham Building Society runs out on 29/7/2025 but the sellers are suggesting a completion date of 31/7/2025. Is it possible to extend the mortgage offer?
The best person to deal with your issue is your conveyancer who will calculate if he or she is better off negotiating with the mortgage company, owner’s conveyancers, estate agents or conceivably all three given what has happend in your conveyancing as of today.
Will my lawyer be asking questions concerning flooding during the conveyancing in Saxmundham.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Saxmundham. Plenty of people will buy a house in Saxmundham, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a numerous searches that may be undertaken by the purchaser or by their solicitors which should figure out the risks in Saxmundham. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to determine if the premises has suffered from flooding. If the premises has been flooded in past and is not disclosed by the vendor, then a buyer could issue a compensation claim resulting from an incorrect response. The purchaser’s lawyers should also carry out an enviro search. This should higlight whether there is any known flood risk. If so, further investigations should be made.
How does conveyancing in Saxmundham differ for newly converted properties?
Most buyers of new build premises in Saxmundham contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Saxmundham typically 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 used to new build conveyancing in Saxmundham or who has acted in the same development.
I opted to have a survey carried out on a house in Saxmundham before instructing lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies will refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you contact us we can look into this 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 Saxmundham. Conveyancing will be smoother if you use a solicitor in Saxmundham especially if they are acquainted with such properties in Saxmundham.
My husband and I are novice buyers - had an offer accepted, but the agent advised that the seller will only proceed if we appoint their chosen lawyers as they are insisting on a ‘quick sale’. We would rather use a local solicitor with experience of conveyancing in Saxmundham
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Try to communicate with the owners directly and explain that (a)you are serious buyers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to use your preferred Saxmundham conveyancing lawyers - not the ones that will provide their estate agent a commission or meet his conveyancing figures demanded by head office.