We are about to sign contracts for a semi detached house in Felixstowe. We have hit a stumbling block. Our loan offer with Leeds Building Society runs out on 4/9/2025 but the vendors are putting forward a completion date of 8/9/2025. Is it possible to extend the loan offer?
The best person to address this concern is your conveyancer who will hopefully calculate whether they corresponding with the mortgage company, vendor’s conveyancers, selling agents or indeed all three based on the circumstances your transaction as of today.
Should our solicitor be raising questions about flooding as part of the conveyancing in Felixstowe.
Flooding is a growing risk for lawyers dealing with homes in Felixstowe. Plenty of people will acquire a house in Felixstowe, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a numerous searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Felixstowe. The conventional set of information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to determine if the property has ever been flooded. If flooding has previously occurred which is not revealed by the vendor, then a purchaser could bring a legal claim for losses stemming from an inaccurate reply. A purchaser’s lawyers should also commission an environmental search. This should disclose if there is any known flood risk. If so, additional inquiries will need to be made.
How does conveyancing in Felixstowe differ for new build properties?
Most buyers of new build property in Felixstowe approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Felixstowe usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Felixstowe or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Felixstowe I like with open areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Felixstowe suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Felixstowe. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Felixstowe ?
The majority of houses in Felixstowe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Felixstowe so you should seriously consider shopping around for a Felixstowe conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
Leasehold Conveyancing in Felixstowe - A selection of Queries Prior to buying
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Who takes responsibility for maintaining and repairing the block? How many of the leaseholders are in arrears for their maintenance charge payments? What is the service charge and ground rent on the flat?
My parents are unable to locate their Felixstowe property on the HM Land Registry online search facility. They have a vague memory fifty years ago when they purchased the bungalow there were complications regarding the post code not being recognised in some systems.
Nearly all premises in Felixstowe should show up. Have you tried a search with simply the postcode. Usually it should identify all the residences inside that postcode. Assuming the property is recorded it will be there with a title number. Where they bought sixty years ago it's conceivable it may be unrecorded. The address could still be revealed but with the title number identified as 'na'. In this scenario you will need to track down the original title papers which might be with your parent’s lender.