We were just about to sign contracts for a ground floor flat in Wroxham. We have hit a stumbling block. The mortgage offer with Barclays expires on 29/9/2025 but the owners are putting forward a completion date of 1/10/2025. Can one extend the mortgage offer?
The person best placed to deal with your concern is your solicitors who is in a position to determine if he or she is corresponding with the mortgage company, vendor’s solicitors, selling agents or possibly all parties based on what has happend in your transaction to date.
My property lawyer in Wroxham is not listed on the Birmingham Midshires Conveyancing Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Birmingham Midshires panel of approved conveyancing solicitors?
The limited options available to you here include:
- Complete the purchase with your existing Wroxham lawyers but Birmingham Midshires will need to retain a conveyancer on their list of acceptable firms. This will result in additional overall conveyancing charges as well as result in delays.
- Choose a new solicitor to to deal with the conveyancing, remembering to check they are on the Birmingham Midshires panel
Should our conveyancer be raising enquiries regarding flooding during the conveyancing in Wroxham.
Flooding is a growing risk for conveyancers carrying out conveyancing in Wroxham. Some people will buy a property in Wroxham, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a various searches that can be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Wroxham. The conventional set of property information forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to determine whether the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the owner, then a purchaser may issue a legal claim for losses resulting from an incorrect reply. A buyer’s solicitors will also commission an environmental search. This should indicate whether there is any known flood risk. If so, more detailed inquiries should be conducted.
I am buying my first flat in Wroxham benefiting from help to buy. The builders refused to reduce the price so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my solicitor about this extras as it may adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Wroxham prior to retaining lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders tend refuse to grant a loan on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wroxham. Conveyancing will be smoother if you use a solicitor in Wroxham especially if they regularly deal with such properties in Wroxham.
I've recently bought a leasehold flat in Wroxham. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a leasehold flat in Wroxham, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Wroxham with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2086
With 61 years unexpired we estimate the premium for your lease extension to be between £18,100 and £20,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.