We were just about to sign contracts for a garden flat in Wooburn Green. We encountered a problem. The mortgage offer with Virgin Money runs out on 28/5/2025 but the vendors are putting forward a completion date of 30/5/2025. Can one prolong the loan expiry date?
The person best placed to address this issue is your lawyer who will hopefully determine if they corresponding with the lender, owner’s conveyancers, property agents or conceivably all parties based on the circumstances your transaction as of today.
I used Arc property Solicitors several years ago for my conveyancing in Wooburn Green. Now, I need my files but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Wooburn Green of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Wooburn Green differ for new build properties?
Most buyers of new build property in Wooburn Green approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Wooburn Green 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 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 accustomed to new build conveyancing in Wooburn Green or who has acted in the same development.
I decided to have a survey carried out on a property in Wooburn Green in advance of appointing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies will not grant a mortgage on such a house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wooburn Green. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wooburn Green to see if the conveyancing costs will increase in light of this.
I work for a busy estate agent office in Wooburn Green where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Wooburn Green conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Wooburn Green - Examples of Questions you should ask before Purchasing
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How long is the Lease? Are there any major works in the near future that will increase the maintenance fees? How many of the leaseholders are in arrears for their maintenance charge payments?
I have been told by many family members to expect six to eight weeks for Wooburn Green conveyancing to complete.This was a month ago. The paperwork was only forwarded to my lawyer yesterday so does the clock start running now?
You need to be realistic concerning timelines. Conveyancing in Wooburn Green takes on average about two months. This time period is not because solicitor are slow and deliberately delay matters. The amount of money involved in purchasing any residence is so high, the purchaser's solicitor having to raise a wide range of enquiries, searches and supplemental checks to protect the purchaser and their lender (if there is to be a home loan) from expensive, avoidable problems. Conveyancing in Wooburn Green involves seeking information from an array of different parties, including other conveyancing practitioner, local councils, private companies, lenders. Some of these are efficient. Others are not. And remember, it doesn't matter how quickly your conveyancer do their job, if the people you are purchasing from or are selling to aren't ready, nothing can move forward until they are up to speed.