We were just about to sign contracts for a semi detached house in Upper Norwood. We encountered a stumbling block. Our loan offer with Barclays Direct expires on 10/3/2026 but the owners are putting forward a completion date of 12/3/2026. Can one extend the mortgage offer?
The person best placed to deal with your question is your conveyancer who is in a position to calculate if he or she is better off negotiating with the lender, owner’s representatives, estate agents or indeed all parties taking into account the circumstances your transaction as of today.
What will a local search reveal regarding the property I am buying in Upper Norwood?
Upper Norwood conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search is essential in every Upper Norwood conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
I purchased my house on 2 February and the transaction details is yet to be registered. Any reason for this? My conveyancing solicitor in Upper Norwood expressed confidence that it will be dealt with in a couple of weeks. Are properties in Upper Norwood uniquely lengthy to register?
As far as conveyancing in Upper Norwood registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timescales can vary subject to the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. Currently in the region of three quarters of such applications are fully addressed in less than three weeks but some can be subject to extensive delays. Registration is effected once the buyer is living at the premises thus an expedited registration is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your lawyers must speak with the land registry and explain the circumstances.
How does conveyancing in Upper Norwood differ for new build properties?
Most buyers of new build or newly converted property in Upper Norwood come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because developers in Upper Norwood usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Upper Norwood or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Upper Norwood prior to instructing solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies may not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Upper Norwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Upper Norwood to see if the conveyancing costs will increase in light of this.
Do I need to be concerned that brokers that I am dealing with are suggesting an internet conveyancing firm as opposed to a High Street Upper Norwood conveyancing firm?
As is the case with lots of service providers, often referrals from connections can be worth their weight in gold. Nevertheless there are many players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to use. Sometimes the solicitors 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 endorsement. You are free to select your preferred conveyancer. However, bear in mind that most banks operate an approved list of conveyancers you must use for the mortgage aspect of your transaction.