We are a couple about to exchange contracts for a property in Dursley. We encountered a stumbling block. Our mortgage offer with Virgin Money expires on 21/7/2023 but the owners are putting forward a completion date of 25/7/2023. Can one prolong the mortgage expiry date?
The best person to deal with your concern is your conveyancer who will hopefully determine if they corresponding with the mortgage company, seller’s conveyancers, property agents or conceivably all parties based on the circumstances your house move as of today.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in Dursley?
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.
I can not fathom if my lender requires a lease extension. I have telephoned my Dursley bank branch on a couple of occasions and was reassured it wasn't an issue and they would lend. My Dursley conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender approved list, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Yorkshire BS have agreed my mortgage in principle, my offer on a flat in Dursley has been agreed to, now what?
The property agent will need to be informed of your conveyancing practitioner's details (make sure the conveyancers are on the lender’s panel). Contact Yorkshire BS or your broker and complete any appropriate paperwork. Yorkshire BS will sellect a valuer who will get in touch with the selling agent or seller to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Yorkshire BS will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Dursley.
I have finally had an offer on a maisonette in Dursley accepted, but there is a chain. The vendors have put an offer on a flat, however it’s not been accepted yet, and have viewings of other flats booked. I have selected a local conveyancing solicitor in Dursley. What should be my next step? When should I get the mortgage application with Principality going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then survey, Dursley conveyancing search costs, etc). The first thing to do is ensure that your conveyancer is on the Principality approved list. Concerning the next stages this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. In a hot market some purchasers would apply for the mortgage with Principality and pay for the valuation and only if it comes back ok would they ask their conveyancer to move forward with searches.
The deeds to our house are lost. The solicitors who conducted the conveyancing in Dursley 5 years ago are no longer around. Will I be able to sell the house?
Nowadays there are duplicates made of almost everything, and your solicitor will know exactly where to look for all the appropriate documentation so you can buy or dispose of your property without a hitch. Where duplicates can’t be found, your solicitor can arrange cover in the form of insurance or indemnities against future claims on the property.
Am I right to be concerned about brokers that I am dealing with are recommending a national conveyancing firm as opposed to a local Dursley conveyancing practice?
As is the case with lots of service providers, often input from relatives can be worth their weight in gold. Yet there are numerous players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all put forward solicitors to instruct. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the endorsement. You are at liberty to select your preferred conveyancer. Don't forget that most lenders have an approved list of conveyancers you are obliged to use for the lender related work in your transaction.
My husband and I are FTB’s - agreed a price, yet the selling agent has warned us that the vendor will only issue a contract if we instruct their preferred solicitors as they want a ‘quick sale’. We would rather use a family solicitor accustomed to conveyancing in Dursley
It is highly unlikely the owners are driving this. Should the owner desire ‘a quick sale', turning down a serious buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to appoint your own,trusted Dursley conveyancing lawyers - not the ones that will give the negotiator at the agency a commission or hit his conveyancing figures demanded by corporate headquarters.