We are about to sign contracts for a semi detached house in Southwater. We encountered a problem. The loan offer with Bank of Ireland runs out on 11/3/2026 but the owners are insisting on a completion date of 13/3/2026. Is it possible to prolong the loan expiry date?
The person best placed to address this concern is your conveyancer who should assess whether he or she is corresponding with the mortgage company, seller’s representatives, selling agents or indeed all parties taking into account the history of your house move to date.
My flat in Southwater is up for sale and I have accepted an offer. Will my property lawyer need to be on the Virgin Money conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
I'm buying a new build house in Southwater with a loan from Godiva Mortgages Ltd. The builders would not budge the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my lawyer about this side-deal as it could affect my mortgage with the 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.
Due to the guidance of my in-laws I had a survey completed on a house in Southwater before appointing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies may not grant a loan on this type of premises.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Southwater. Conveyancing will be smoother if you use a solicitor in Southwater especially if they are accustomed to such properties in Southwater.
Am I right to be suspicious that 3rd parties that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a High Street Southwater conveyancing company?
As with lots of professional services, often suggestions from relatives can be worth their weight in gold. Yet there are many parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and banks may recommend conveyancers to retain. On occasion the conveyancers might be known to one of the organisations as being good in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You have the discretion to appoint your preferred lawyer. Don't forget that many lenders specify a panel list of law firms you are obliged to use for the lender related work in your house move.
I have recently realised that I have 68 years left on my flat in Southwater. I now want to extend my lease but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. For most situations an enquiry agent may be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court covering Southwater.
I am the registered owner of a leasehold flat in Southwater, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Southwater with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease expires on 21st October 2082
With 56 years left to run we estimate the price of your lease extension to be between £29,500 and £34,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.