We are about to exchange contracts for a property in Westhoughton. We have hit a problem. The loan offer with Chelsea Building Society runs out on 16/12/2025 but the owners are putting forward a completion date of 18/12/2025. Can one extend the loan expiry date?
The best person to address this issue is your solicitors who will hopefully determine whether he or she is corresponding with the bank, seller’s representatives, estate agents or conceivably all parties based on the history of your house move to date.
Finally the sale completed on my house in Westhoughton last December yet the purchaser is texting daily complaining that her conveyancer is waiting to hear from mine. What are the post completion sale formalities following completion?
After completion of your house sale your lawyer is obliged to send the transfer deeds and all additional paperwork to the purchaser's solicitors. If applicable, your lawyer must also evidence that the legal charge in favour of the lender has been paid off to the purchasers lawyers. There are no post completion formalities peculiar conveyancing in Westhoughton.
We're in Westhoughton, First time buyers purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
How does conveyancing in Westhoughton differ for newly converted properties?
Most buyers of new build premises in Westhoughton approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Westhoughton tend to acquire the real estate, 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 accustomed to new build conveyancing in Westhoughton or who has acted in the same development.
Do you have any top tips for leasehold conveyancing in Westhoughton from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Westhoughton can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers’ conveyancers. If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Westhoughton leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Where you dont have the approvals in place you should not contact the landlord without contacting your lawyer before hand. If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled. Many freeholders or Management Companies in Westhoughton levy fees for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Westhoughton.
I invested in buying a 1st floor flat in Westhoughton, conveyancing was carried out in 2001. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Westhoughton with over 90 years remaining are worth £190,000. The ground rent is £45 per annum. The lease ceases on 21st October 2087
You have 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
We are soon to exchange buying a house in Westhoughton but as a result of wreckage from the recent storms I have agreed compensation from the seller of five thousand pounds in the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process yet the lender will not permit this. Why were they informed?
The solicitor that is on a lender approved list is required to advise the lender of any changes to the purchase price. If you were to refuse your solicitor to notify the price change to your bank then they would have to disinstructing themselves from representing you and the mortgage company.