We are a couple about to sign contracts for a property in Waltham. We encountered a stumbling block. The loan offer with Lloyds TSB Bank runs out on 5/5/2026 but the owners are insisting on a completion date of 7/5/2026. Is it possible to prolong the mortgage expiry date?
The person best placed to deal with your question is your conveyancer who will determine if he or she is better off negotiating with the bank, seller’s conveyancers, estate agents or possibly all three given the history of your transaction to date.
Can you explain why leasehold purchase conveyancing in Waltham is more expensive?
Waltham leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We're in Waltham, First time buyers buying with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We had chosen conveyancing lawyers locally in Waltham on the Santander solicitor approved list. They are now charging me a supplemental amount for the legal aspects of the Santander mortgage. Is this an additional conveyancing fee specified by Santander?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancing practitioner can charge a fee for this. This charge is not set by Santander but by your Waltham property lawyer. Some firms on the Santander panel will levy an ‘acting for lender’ fee but some practices include it on their overall fee.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Waltham conveyancer on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
It is unclear whether my lender requires a lease extension. I have called into my local Waltham bank branch on numerous occasions and was told it wasn't a problem and they will lend. My Waltham conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the lender approved list, they must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Various web forums that I have visited warn that are the number one cause of hinderance in Waltham conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Waltham.
It has been 4 months since my purchase conveyancing in Waltham completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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 residence 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.