We are about to exchange contracts for a ground floor flat in Brimsdown. We have hit a snag. Our loan offer with Coventry Building Society expires on 11/7/2024 but the owners are putting forward a completion date of 15/7/2024. Is it possible to extend the loan expiry date?
The person best placed to address this concern is your lawyer who will calculate whether they better off negotiating with the bank, owner’s solicitors, property agents or conceivably all three taking into account the history of your conveyancing to date.
How up to date is your database of Brimsdown solicitors on the Virgin Money conveyancing panel? Do Virgin Money send you an updated list?
Brimsdown 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.
It has been four months following my purchase conveyancing in Brimsdown concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Brimsdown differ for newly converted properties?
Most buyers of new build or newly converted property in Brimsdown approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because builders in Brimsdown tend to purchase 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 conveyancers 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 used to new build conveyancing in Brimsdown or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one near me in Brimsdown I like with a park and station in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Brimsdown suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Do you have any top tips for leasehold conveyancing in Brimsdown from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Brimsdown can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers’ representatives. If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing. If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Arranging a re-issued share certificate is often a time consuming formality and slows down many a Brimsdown home move. If a new share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. The majority of freeholders or managing agents in Brimsdown levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Brimsdown.
I have had difficulty in trying to purchase the freehold in Brimsdown. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Brimsdown conveyancing firm who can help.
An example of a Vesting Order and Purchase of freehold matter before the tribunal for a Brimsdown residence is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The unexpired residue of the current lease was 80.01 years.