We are about to exchange contracts for a freehold house in Bury. We have hit a snag. Our loan offer with Accord Mortgages Ltd runs out on 5/9/2025 but the vendors are putting forward a completion date of 9/9/2025. Is it possible to prolong the mortgage expiry date?
The best person to address this question is your conveyancer who should assess if they better off negotiating with the mortgage company, seller’s lawyers, estate agents or possibly all parties given what has happend in your house move as of today.
What is the first thing I need to know about purchase conveyancing in Bury?
Not many law firms or advisers will tell you this but conveyancing in Bury or throughout Greater Manchester is an adversarial process. In other words, when it comes to conveyancing there is an abundance of room for friction between you and other parties involved in the legal transfer of property. E.g., the seller, selling agent and even potentially your lender. Appointing a law firm for your conveyancing in Bury should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose interest is to act in your legal interests and to protect you.
There is a distinct increase of a "blame" culture- someone must be blamed for the process being so protracted. You your first instinct should be to trust your lawyer ahead of all other parties in the home moving process.
Should our conveyancer be making enquiries concerning flooding during the conveyancing in Bury.
Flooding is a growing risk for lawyers dealing with homes in Bury. Some people will purchase a house in Bury, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of searches that may be carried out by the buyer or by their conveyancers which should figure out the risks in Bury. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to determine whether the premises has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the seller, then a purchaser could issue a legal claim for losses as a result of such an misleading response. A purchaser’s solicitors may also carry out an environmental report. This should higlight if there is any known flood risk. If so, additional investigations will need to be initiated.
I'm buying a new build house in Bury with a loan from National Westminster Bank. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my conveyancer about the extras as it will affect my loan with the bank. Is this normal?.
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.
Having had my offer accepted I require leasehold conveyancing in Bury. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Bury - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Bury Leasehold Conveyancing - A selection of Queries before buying
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How much is the yearly maintenance fee and ground rent? The best form of lease structure is if the freehold reversion is owned by the leaseholders. In this arrangement the leaseholders have being in charge if their destiny and although a managing agent is frequently retained if the building is larger than a house conversion, the managing agent is directed by the tenants. You should be aware that where the lease has less than eighty years it will impact the marketability of the property. Check with your lender that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth discovering what this will be. For most Burylease extensions you would be be obliged to have been the owner of the premises for 24 months in order to be legally able to extend the lease.
I have been looking for Bury online conveyancing estimates. Can I be confident that all the Bury firms that are listed on your site are on the lender conveyancing panel?
The law firms listed on our site have advised us that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Bury conveyancing solicitor being on the bank conveyancing panel is not accurate.