We are about to exchange contracts for a leasehold flat in Alresford. We encountered a problem. The mortgage offer with The Mortgage Works runs out on 9/5/2023 but the sellers are putting forward a completion date of 11/5/2023. Is it possible to prolong the loan expiry date?
The best person to deal with your issue is your conveyancer who will hopefully determine whether they should be discussing with the bank, vendor’s conveyancers, property agents or indeed all parties based on the history of your house move to date.
What is the first thing I need to know about purchase conveyancing in Alresford?
Not many law firms or advisers will tell you this but conveyancing in Alresford and elsewhere in Hampshire is often a confrontational experience. Put another way, when it comes to conveyancing there exists lots of room for conflict between you and other parties involved in the house moving process. E.g., the vendor, property agent and sometimes the lender. Appointing a solicitor for your conveyancing in Alresford should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose role it is to look after your best interests and to keep you safe.
On occasion a third party with a vested interest may try and persuade you that it is in your interests to do things their way. For instance, the property agent may claim to be helping by claiming that your lawyer is slow. Or your financial adviser may tell you to do something that is against your lawyers recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
The Alresford conveyancing firm that I appointed last week on my house acquisition in Alresford have suddenly closed. I only went with them because I needed a solicitor on the UBS conveyancing panel and my preferred Alresford lawyer was not. I paid them funds in advance. What are my options?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Me and my partner are buying a apartment in Alresford. It might be a silly question but how we can trust a solicitor? At some point we will need to deposit money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We have agreed to purchase a house in Alresford. A rare aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Leeds Building Society your lawyer must check the conveyancing instructions contained in Section two of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook contains minimum conditions for solar panel roof-space leases, and lawyers are required to report to Leeds Building Society where a lease fails to satisfy these specifications. The conditions relate to the installation of panels on properties countrywide and is not isolated to Alresford.
Planning on purchasing a maisonette in Alresford. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham 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 Alresford solicitor is on the Nottingham conveyancing panel.
I'm buying a new build house in Alresford with a mortgage from National Westminster Bank. The sellers would not move on the price so I negotiated 6k of extras instead. The estate agent advised me not inform my conveyancer about this side-deal as it may adversely affect my loan with National Westminster Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a property in Alresford in advance of retaining lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders will not give a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Alresford. Conveyancing will be smoother if you use a solicitor in Alresford especially if they are acquainted with such properties in Alresford.