We are a couple about to sign contracts for a property in Shoeburyness. We encountered a problem. The loan offer with Virgin Money expires on 13/1/2026 but the owners are insisting on a completion date of 15/1/2026. Can one prolong the loan offer?
The best person to deal with your question is your solicitors who should calculate whether he or she is better off negotiating with the mortgage company, owner’s solicitors, estate agents or conceivably all three based on what has happend in your conveyancing to date.
What happens if my solicitor is removed from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Shoeburyness?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Various internet forums that I have visited warn that are the number one reason for hinderance in Shoeburyness conveyancing transactions. Is that correct?
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 delays in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Shoeburyness.
I am buying my first flat in Shoeburyness with a mortgage from Barclays Direct. The builders refused to move on the price so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my lawyer about this side-deal as it could impact my mortgage with Barclays Direct. Do I keep my lawyer in the dark?.
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.
Due to the input of my in-laws I had a survey completed on a property in Shoeburyness prior to instructing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders tend refuse to grant a loan on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shoeburyness. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shoeburyness to see if the conveyancing costs will increase in light of this.
Am I right to be suspicious that brokers that I am dealing with are recommending a factory type conveyancing firm rather than a High Street Shoeburyness conveyancing firm?
As with lots of professional services, often input from family and friends can be most helpful. Nevertheless there are lots of players in a conveyancing transaction; estate agents, financial adviser and lenders might all suggest conveyancers to instruct. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there may be a financial incentive behind the recommendation. You have the discretion to appoint your preferred lawyer. Don't forget that the majority of mortgage providers specify a panel list of lawyers you are obliged to use for the lender aspect of your conveyancing.