We were just about to sign contracts for a property in Werrington. We encountered a stumbling block. The loan offer with HSBC Bank runs out on 24/6/2025 but the sellers are insisting on a completion date of 26/6/2025. Can one prolong the loan offer?
The person best placed to deal with your question is your conveyancer who is in a position to determine if they better off negotiating with the mortgage broker, vendor’s lawyers, property agents or indeed all three taking into account the history of your conveyancing as of today.
Will our conveyancer be asking questions regarding flooding as part of the conveyancing in Werrington.
Flooding is a growing risk for solicitors specialising in conveyancing in Werrington. There are those who buy a house in Werrington, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Werrington. The conventional set of information supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to find out if the premises has historically flooded. In the event that the property has been flooded in past and is not revealed by the seller, then a purchaser could commence a compensation claim resulting from an inaccurate answer. The purchaser’s solicitors will also carry out an enviro search. This should indicate if there is any known flood risk. If so, additional investigations should be carried out.
4 months have elapsed since my purchase conveyancing in Werrington concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 property 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.
About to purchase a new build apartment in Werrington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Werrington
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Werrington I like with a park and railway links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Werrington suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Me and my partner are planning to purchase a three room housein Werrington with a mortgage from a mortgage company. We have selected a solicitor in Werrington however our bank says he's not approved on their "panel". Apparently we need to choose from the our lender panel firms or keep our Werrington solicitor and incur the extra legals for one of their panel ones to represent our mortgage company. This seems very unfair; Can we not simply insist that our mortgage company use our Werrington lawyer?
Unfortunately,no. The bank home loan offered to you is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. in the past, most lenders had open panels, including almost all conveyancing solicitors in Werrington : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your lender.