We are about to exchange contracts for a freehold house in South Croydon. We encountered a problem. The loan offer with Chelsea Building Society runs out on 11/7/2025 but the vendors are suggesting a completion date of 15/7/2025. Can one prolong the mortgage offer?
The person best placed to deal with your concern is your lawyer who will assess if they corresponding with the lender, owner’s lawyers, selling agents or possibly all three based on what has happend in your conveyancing to date.
Why is leasehold purchase conveyancing in South Croydon is more expensive?
The conveyancing fees for a leasehold premises in South Croydon is often more expensive as compared to a freehold property. This is due to the supplemental work necessary in dealing with the landlord and management company to collate the information about whether the rent and maintenance fee have been discharged and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I am buying a right to buy a flat in South Croydon. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in South Croydon you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in South Croydon.
It has been three months following my purchase conveyancing in South Croydon completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in South Croydon I like with open areas and transport links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in South Croydon in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Should I be suspicious that brokers that I am dealing with are recommending an internet conveyancing firm rather than a local South Croydon conveyancing firm?
As with many service providers, often suggestions from connections can be most helpful. Nevertheless there are many people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and banks might all put forward conveyancers to choose. On occasion these conveyancers might be known to one of the organisations as experts in their field, but sometimes there may be a commercial relationship behind the recommendation. You have the right to appoint your preferred lawyer. Don't forget that some banks operate an approved list of conveyancers you are obliged to use for the lender related work in your conveyancing.