We were just about to exchange contracts for a property in Wirksworth. We have hit a stumbling block. The mortgage offer with Nottingham Building Society expires on 7/7/2025 but the vendors are insisting on a completion date of 9/7/2025. Can one extend the loan expiry date?
The best person to address this question is your lawyer who will determine whether they corresponding with the bank, vendor’s solicitors, estate agents or possibly all three taking into account the history of your transaction to date.
How up to date is your search tool for Wirksworth conveyancing solicitors on the Virgin Money conveyancing panel? Do Virgin Money send you an updated list?
Wirksworth conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
We had appointed solicitors located in Wirksworth on the Principality solicitor approved list. They are now charging me an additional amount for handling the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor can charge a fee for this. The charge is not set by Principality but by your Wirksworth lawyer. Some firms on the Principality panel will levy ’dealing with mortgage’ fee and others do not.
My wife and I have organised the release of further monies on our home loan from Nationwide as we want to conduct a loft conversion to our property in Wirksworth. Do we need to appoint a local Wirksworth solicitor on the Nationwide conveyancing panel to handle the paperwork?
Nationwide do not ordinarily require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide list.
I can not work out if my lender requires a lease extension. I have called my Wirksworth building society branch on numerous occasions and was informed it wasn't an issue and they will lend. My Wirksworth conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.
The conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook section two conditions 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I'm purchasing my first flat in Wirksworth benefiting from help to buy. The builders would not budge the amount so I negotiated £7000 of additionals instead. The property agent advised me not disclose to my conveyancer about this side-deal as it will jeopardize my loan with Nottingham Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
As co-executor for the estate of my father I am selling a property in Cardiff but live in Wirksworth. My lawyer (approximately 235 miles from meneeds me to execute a statutory declaration ahead of completion. Can you recommend a conveyancing practitioner in Wirksworth to witness this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are Wirksworth based
Can you provide any top tips for leasehold conveyancing in Wirksworth with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Wirksworth can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Wirksworth state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such alterations. Where you dont have the consents to hand you should not contact the landlord without contacting your solicitor before hand. You believe that you know the number of years left on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved. The majority of freeholders or managing agents in Wirksworth charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Wirksworth.
Wirksworth Leasehold Conveyancing - Examples of Queries Prior to Purchasing
-
Is anyone aware of any major works in the near future that could increase the service charges? How much is the ground rent and service charge? Its a good idea to discover as much as possible about the managing agents as they can either make your living at the property much simpler or a lot more difficult. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to every day issues such as the tidiness of the common parts. Ask other people what they think of them. Finally, be sure you discover the dates that the service charges are due to the appropriate party and specifically what you get for your money.