We were just about to sign contracts for a garden flat in Wymondham. We have hit a snag. The loan offer with Nottingham Building Society expires on 27/5/2025 but the sellers are putting forward a completion date of 29/5/2025. Can one extend the loan offer?
The person best placed to address this concern is your lawyer who will hopefully determine if he or she is corresponding with the mortgage company, vendor’s lawyers, property agents or indeed all three taking into account the history of your house move as of today.
I am expecting a AIP from UBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Wymondham solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Wymondham solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
About to purchase apartment in Wymondham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wymondham lawyer is on the TSB conveyancing panel.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Wymondham solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Wymondham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Various internet forums that I have visited warn that are the main cause of obstruction in Wymondham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Wymondham.
Are there restrictive covenants that are commonly identified as part of conveyancing in Wymondham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Wymondham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Wymondham differ for new build properties?
Most buyers of new build premises in Wymondham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Wymondham usually acquire the site, 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 conveyancing solicitors 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 Wymondham or who has acted in the same development.
What makes a Wymondham lease problematic?
There is nothing unique about leasehold conveyancing in Wymondham. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Clydesdale all have very detailed requirements 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 grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a 1 bedroom flat in Wymondham, conveyancing was carried out June 2005. Can you work out an approximate cost of a lease extension? Comparable properties in Wymondham with an extended lease are worth £176,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2075
With 50 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures 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. Please do not move forward based on this information without first getting professional advice.