We are a couple about to sign contracts for a ground floor flat in Coleford. We have hit a stumbling block. The loan offer with Halifax runs out on 16/6/2025 but the sellers are insisting on a completion date of 18/6/2025. Is it possible to prolong the mortgage expiry date?
The person best placed to deal with your issue is your solicitors who should calculate if they corresponding with the bank, vendor’s representatives, selling agents or possibly all three given the circumstances your house move as of today.
Various web forums that I have frequented warn that are a common reason for stalling in Coleford house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Coleford.
I'm buying my first flat in Coleford benefiting from help to buy. The builders would not budge the amount so I negotiated 6k of additionals instead. The house builders rep told me not reveal to my conveyancer about this extras as it will jeopardize my loan with the 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've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Coleford is the location of the property. Is there any advice you can impart?
Flying freeholds in Coleford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Coleford you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coleford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
We are 17 days into a leasehold purchase having been referred to a firm by the estate agent to perform conveyancing in Coleford. I am not happy. Could you you assist me in finding new conveyancers?
They would have to be very bad in order to consider replacing them. Has the mortgage been issued? In the event that it has you will need to inform them of the new contact details and ensure the loan are re-sent. Your new solicitor ideally should be on the mortgage company approved list to avoid escalating fees and complications. So that should be your starting point. The search tool will assist you in finding a lender approved conveyancer for your home move in Coleford
Should I cancel the direct debit for my mortgage with Aldermore once a completion date for my home sale in Coleford has been agreed?
No, you must continue meeting any mortgage sums to Aldermore pending the mortgage being discharged on completion as part of your Coleford conveyancing.