We were just about to exchange contracts for a property in Cowes. We have hit a stumbling block. Our mortgage offer with Norwich and Peterborough Building Society expires on 12/7/2022 but the vendors are putting forward a completion date of 14/7/2022. Can one prolong the mortgage expiry date?
The person best placed to address this issue is your solicitors who will hopefully assess if they should be discussing with the mortgage company, seller’s solicitors, property agents or conceivably all parties taking into account the circumstances your conveyancing as of today.
I am about to put a bid on a leasehold apartment in Cowes. The estate agents tell me that it is standard for flats in Cowes to have less than 75 years remaining. I am getting a mortgage with Chelsea Building Society. Is this going to be acceptable if the lease has 70 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 12/5/2022 the requirements read as follows :
I am buying a new build apartment in Cowes. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Cowes
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I decided to have a survey done on a house in Cowes in advance of retaining solicitors. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies tend not issue a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cowes. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I be suspicious by 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Cowes conveyancing firm?
As with lots of service providers, often referrals from relatives can be very helpful. Yet there are many players in a conveyancing deal; estate agents, mortgage brokers and banks may suggest conveyancers to select. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the recommendation. You are at liberty to choose your preferred lawyer. However, bear in mind that many lenders operate an approved list of law firms you have to use for the mortgage related work in your transaction.
I am thinking of appointing a conveyancing solicitor in Cowes for my sale. Is there any facility to see a solicitor's complaints history with the legal regulator?
Anyone may search for documented Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA may monitor call for training reasons.