We are about to exchange contracts for a leasehold flat in Watton. We encountered a problem. Our mortgage offer with The Royal Bank of Scotland runs out on 7/8/2025 but the owners are insisting on a completion date of 11/8/2025. Can one prolong the loan offer?
The best person to deal with your issue is your solicitors who will determine if they better off negotiating with the bank, vendor’s representatives, selling agents or conceivably all three given what has happend in your conveyancing to date.
We are purchasing a victorian detached house in Watton. Our aim is to carry out an extension to the side at the property.Will legal due diligence on the property include enquiries to determine if these alterations are permitted?
Your property lawyer should check the registered title as conveyancing in Watton can sometimes reveal restrictions in the title documents which restrict categories of alterations or necessitated the consent of a 3rd party. Some works call for local authority planning permissions and approval in accordance building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
I'm in the throws of looking at flats in Watton and I am about to put in an offer. Should I already have a conveyancing practitioner in place at this point? I am planning to take a home loan with Lloyds.
It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are obtaining a mortgage with Lloyds, ask your prospective lawyers if they are on the Lloyds conveyancing panel otherwise they can't do the mortgage legal work.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Watton building society branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Watton conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. Who do I believe?
The lawyer has to follow the Council of Mortgage Lenders’ Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in Watton differ for new build properties?
Most buyers of new build property in Watton contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Watton tend to purchase 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 property lawyers 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 Watton or who has acted in the same development.
I opted to have a survey completed on a house in Watton prior to instructing solicitors. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some lenders will refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Watton. Conveyancing will be smoother if you use a solicitor in Watton especially if they regularly deal with such properties in Watton.
My father-in-law has suggested that I instruct his conveyancing solicitors in Watton. Should I use them?
No doubt the best way to select a conveyancing solicitor is to have recommendations from friends or family who have actually experience in using the conveyancer that you are contemplating using.
Expecting to sign contracts shortly on a leasehold property in Watton. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Watton should include some of the following:
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The physical extent of the demise. This might be the flat itself but might incorporate a roof space or storage are if appropriate. Details of the parties to the lease, for example these could be the tennant, head lessor, freeholder What remedies are open the freeholder should you breach a clause of your lease? You would want to be sent a copy of the lease Are pets allowed in the flat?
Watton Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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It would be sensible to discover as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the common parts. Enquire of other tenants what they think of them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. It would be wise to investigate if there are any onerous prohibitions in the lease. By way of example it is very common in Watton leases that pets are not allowed in in a block in Watton. If you like the propertyin Watton but your cat can’t make the move with you then you will be presented with a difficult decision. This information is important as a) areas can result in problems for the building as the communal areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have an issue with the managing agents you will wish to have all the details