We were just about to sign contracts for a garden flat in Sherston. We have hit a snag. Our mortgage offer with National Westminster Bank expires on 7/7/2025 but the sellers are insisting on a completion date of 9/7/2025. Can one prolong the mortgage expiry date?
The person best placed to address this issue is your lawyer who should calculate if they should be discussing with the mortgage broker, owner’s solicitors, selling agents or conceivably all three taking into account what has gone on in your conveyancing to date.
Do lawyers ask for an advanced payment when it comes to conveyancing in Sherston?
Where you are retaining lawyers for conveyancing in Sherston your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the conveyancing searches. If any deposit is payable against the sale price then this will be needed immediately ahead of contracts are exchanged. Any further balance that is needed should be sent to your lawyer a few days ahead of the day of completion.
I happen to be the only beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Sherston. The Sherston property was put into my name in April. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my property ownership will be treated the same way as though I had purchased the house in April. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Some lenders would take a sensible view as this requirement chiefly exists to identify the purchase and immediately sell or the flipping of property.
About to purchase flat in Sherston. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Sherston conveyancer is on the Barclays conveyancing panel.
After shopping around on the internet I have found a Sherston lawyer having checked that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Sherston postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Sherston.
Should commercial conveyancing searches reveal impending roadworks that may impact a commercial land in Sherston?
Many commercial conveyancing solicitors in Sherston will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Sherston. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Sherston.
For every commercial conveyancing transaction in Sherston it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Sherston commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Sherston.
I'm purchasing a new build house in Sherston benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not disclose to my lawyer about the extras as it will adversely affect my mortgage with HSBC Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a flat up to £235,500 and identified one close by in Sherston I like with a park and railway links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Sherston suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the shortness of the lease will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.