We were just about to exchange contracts for a property in Woodthorpe. We have hit a problem. The mortgage offer with Godiva Mortgages Ltd runs out on 23/9/2025 but the owners are putting forward a completion date of 25/9/2025. Is it possible to prolong the loan offer?
The best person to address this issue is your lawyer who will hopefully assess whether he or she is should be discussing with the lender, seller’s lawyers, selling agents or possibly all parties given the history of your conveyancing to date.
My wife and I are close to exchanging contracts on the sale of our home in Woodthorpe and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A high street Woodthorpe lawyer would know that there is no such problem. It does beg the question why the buyers are using a factory type conveyancing outfit as opposed to a conveyancing solicitor in Woodthorpe. Having lived in Woodthorpe for three years we know of no issue. Do we get in touch with our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing firm already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Woodthorpe differ for new build properties?
Most buyers of new build property in Woodthorpe contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Woodthorpe usually acquire the land, 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 Woodthorpe or who has acted in the same development.
How do I locate a Woodthorpe law firm on the Norwich and Peterborough Building Society conveyancing panel? I have a car and am happy to travel upto 25kilometers to meet the conveyancer.
You can use the search on this page. Please choose the bank and your location and you will see a number of Woodthorpe conveyancing lawyers based on proximity. We have listed some Woodthorpe conveyancing firms towards the end of this page and you can contact them to see if they are on the Norwich and Peterborough Building Society approved list
In relation to leasehold conveyancing in Woodthorpe what are the most frequent lease problems?
Leasehold conveyancing in Woodthorpe is not unique. Most leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the property A duty to insure the building
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
Woodthorpe Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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Is anyone aware of any major works on the horizon that could add a premium to the service costs? Where a Woodthorpe lease has fewer than 80 years it will affect the marketability of the apartment. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Woodthorpelease extensions you would need to own the premises for 24 months in order to be entitled to exercise a lease extension. Most Woodthorpe leasehold flats will have a service charge for the upkeep of the block invoiced on behalf of the management company. If you acquire the apartment you will have to pay this amount, usually periodically during the year. This can be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a ground rent to be met yearly, this is usually not a exorbitant amount, say approximately £50-£100 but you should to check it because sometimes it can be many hundreds of pounds.
My fiance and I are hoping to buy a three room housein Woodthorpe with a loan from a mortgage company. We have a solicitor in Woodthorpe but our bank inform us now that he's not approved on their "panel". We have to appoint from the our bank panel solicitors or keep our Woodthorpe conveyancer and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The lender mortgage 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 banks had open panels, including almost all conveyancing solicitors in Woodthorpe : 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 solicitors to apply to be on the conveyancing panel for your lender.