We were just about to sign contracts for a freehold house in Southfields. We have hit a snag. Our loan offer with Skipton Building Society runs out on 7/7/2026 but the owners are insisting on a completion date of 9/7/2026. Can one prolong the loan expiry date?
The best person to deal with your issue is your lawyer who is in a position to determine whether he or she is should be discussing with the bank, vendor’s conveyancers, estate agents or indeed all parties taking into account the circumstances your transaction as of today.
How up to date is your database of Southfields solicitors on the Lloyds conveyancing panel? Do Lloyds send you an updated list?
Southfields conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
When it comes to lenders such as Virgin Money, do Southfields property lawyers face an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Southfields building society branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Southfields conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their published requirements. I simply don't know who is right.
As long as the conveyancer is on the lender panel, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase apartment in Southfields. 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 Leeds Building Society 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 Southfields conveyancer is on the Leeds Building Society conveyancing panel.
I purchased my home on 10 March and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Southfields expressed confidence that it will be registered in a couple of weeks. Are properties in Southfields uniquely lengthy to register?
As far as conveyancing in Southfields is concerned, registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any other parties. At present approximately 80% of such applications are fully dealt with in less than three weeks but some can be subject to protracted hold-ups. Historically registration is effected after the purchaser has moved in to the property thus an expedited registration is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your conveyancer can contact the land registry and explain the circumstances.
I am looking for a leasehold apartment up to £235,500 and identified one close by in Southfields I like with a park and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Southfields in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Am I better off to appoint a Southfields conveyancing lawyer in close proximity to the house I am buying? I have an old university friend who can conduct the legal formalities however his firm is located a couple of hundredkilometers away.
The benefit of a local Southfields conveyancing practice is that you can visit the firm to sign paperwork, present your identification documents and pester them if necessary. They will also have local knowledge which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were impressed that should surpass using an unknown Southfields conveyancing solicitor just because they are local.