We were just about to sign contracts for a ground floor flat in Thurston. We have hit a problem. Our loan offer with Nationwide Building Society expires on 4/7/2024 but the vendors are suggesting a completion date of 8/7/2024. Can one extend the loan expiry date?
The best person to deal with your concern is your conveyancer who will assess whether he or she is corresponding with the mortgage broker, vendor’s representatives, estate agents or indeed all parties given what has gone on in your house move as of today.
My wife and I have recently appointed a conveyancing solicitor in Thurston. I need to find out whether they are on the TSB conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing you should do is call the conveyancer and ask them whether they can act for the bank. Otherwise you should get in touch with TSB who may be able to confirm.
What does a local search tell me about the house we're buying in Thurston?
Thurston conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search is essential in every Thurston conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I decided to have a survey completed on a house in Thurston in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks may not issue a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check 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 Thurston. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any top tips for leasehold conveyancing in Thurston with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Thurston can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers’ conveyancers. The majority of landlords or managing agents in Thurston levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Thurston. Some Thurston leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You will have to accept that you will have to pay 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 details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
I own a basement flat in Thurston, conveyancing was carried out in 1999. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Thurston with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2088
With just 64 years left to run we estimate the premium for your lease extension to span between £14,300 and £16,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
What tools are available to search for a Thurston conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to twentymiles to meet the conveyancer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Thurston and you will see a number of lawyer located nearest Thurston. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.