We were just about to exchange contracts for a freehold house in Aldgate. We encountered a problem. Our loan offer with Virgin Money expires on 2/7/2025 but the vendors are putting forward a completion date of 4/7/2025. Can one extend the loan offer?
The person best placed to deal with your question is your lawyer who is in a position to calculate if he or she is should be discussing with the mortgage company, seller’s conveyancers, property agents or possibly all three taking into account the history of your house move to date.
We wanted to use a conveyancing solicitor in Aldgate for our house move. Our financial adviser has since advised us that our mortgage lenders Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Aldgate conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Aldgate conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Aldgate is amongst the many locations where the conveyancers we recommend are are approved Bank of Scotland.
This question may be naive but I am wet behind the ears as a first time purchaser of a ground floor flat in Aldgate. Do I receive the keys to the property on the completion date from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Aldgate?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s conveyancers, and once they have received this, you should be called to collect the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.
I currently have a mortgage with Virgin Money for my property in Aldgate. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
You must advise Virgin Money prior to letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel firm.
I am selling my house. I had a double glazing fitted in November 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being a right pain. The Aldgate solicitor who is on the Nottingham conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nottingham are insisting on a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Due to the guidance of my in-laws I had a survey completed on a house in Aldgate prior to retaining lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Aldgate. Conveyancing will be smoother if you use a solicitor in Aldgate especially if they are familiar with such properties in Aldgate.
I am looking to sell my house. My previous lawyers has retired. I am in need of a recommendation of a conveyancing firm. Im based in Aldgate if that affects matters.
Do use our search tool to help you find a solicitor for your conveyancing in Aldgate. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I need to consider quotes for conveyancing in Aldgate from various conveyancer and choose one. Am I right to instruct them to hold tight until I I have my bid accepted on a house.
You should wait to request your solicitor to start work and order searches once the offer has been accepted on the property especially as Aldgate conveyancing searches are costly.