We are a couple about to exchange contracts for a freehold house in Stocksfield. We have hit a stumbling block. The mortgage offer with Barnsley Building Society expires on 12/9/2025 but the vendors are putting forward a completion date of 16/9/2025. Can one prolong the mortgage offer?
The person best placed to deal with your concern is your conveyancer who will hopefully assess whether they should be discussing with the lender, vendor’s solicitors, property agents or conceivably all three given the history of your transaction as of today.
We note that you have a search directory identifying solicitors on the Skipton conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Stocksfield?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stocksfield.
My lender has suggested a law firm on their panel based in Stocksfield but I would rather instruct a conveyancing lawyer in Stocksfield or nearer to where I live. Are you able to assist?
Not all Stocksfield conveyancing practitioners are listed all lender’s conveyancing panel. Please make use of our search tool to find a Stocksfield conveyancing firm on the on the lender panel.
My conveyancer has informed me that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Stocksfield?
The right level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Barnsley Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
We have agreed to purchase a house in Stocksfield. One unusual aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Coventry BS your lawyer must comply with the formal requirements outlined in Part two of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Coventry BS where a lease does not meet these provisions. The conditions relate to the installation of panels on properties countrywide and is not restricted to Stocksfield.
After months of negotiation I have agreed a price on a house in Stocksfield. My mortgage broker pressured me to appoint their conveyancer. I paid an upfront payment of £175. Shortly after, the solicitor contacted me embarrassingly acknowledging that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am purchasing a new build house in Stocksfield with a loan from Nottingham Building Society. The builders would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my solicitor about this deal as it will affect my mortgage with Nottingham Building Society. 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.
What are the frequently found deficiencies that you come across in leases for Stocksfield properties?
There is nothing unique about leasehold conveyancing in Stocksfield. All leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Repairing obligations to or maintain parts of the premises
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Barnsley Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I acquired a studio flat in Stocksfield, conveyancing having been completed 3 years ago. How much will my lease extension cost? Similar flats in Stocksfield with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2080
You have 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.