We are a couple about to sign contracts for a freehold house in Aldgate. We have hit a snag. Our mortgage offer with Norwich and Peterborough Building Society runs out on 29/6/2026 but the owners are insisting on a completion date of 1/7/2026. Is it possible to prolong the mortgage offer?
The best person to address this issue is your solicitors who will hopefully calculate whether he or she is better off negotiating with the bank, seller’s representatives, estate agents or indeed all parties based on what has happend in your transaction to date.
How up to date is your database of Aldgate solicitors on the Virgin Money conveyancing panel? Do Virgin Money send you an updated list?
Aldgate 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.
What happens if my solicitor is removed from the Co-operative Solicitor panel ahead of completing my conveyancing in Aldgate?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Aldgate differ for new build properties?
Most buyers of new build premises in Aldgate contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Aldgate typically acquire the land, 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 property lawyers 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 Aldgate or who has acted in the same development.
I opted to have a survey carried out on a house in Aldgate before retaining conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will not grant a loan on this type of property.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Aldgate. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Aldgate to see if the conveyancing will be more expensive.
I am employed by a reputable estate agency in Aldgate where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Aldgate conveyancing firms. Please can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the leaseholder of a ground flat in Aldgate. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Freehold Enfranchisement decision for a Aldgate premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired lease term was 107 years.