We were just about to sign contracts for a property in Flamborough. We encountered a snag. The loan offer with Birmingham Midshires expires on 2/7/2025 but the sellers are putting forward a completion date of 4/7/2025. Is it possible to extend the loan expiry date?
The best person to address this question is your conveyancer who will hopefully assess if they corresponding with the mortgage company, seller’s lawyers, selling agents or possibly all parties taking into account what has gone on in your conveyancing as of today.
What happens if my lawyer’s firm is suspended from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Flamborough?
The first thing to point out is that, this is a very rare occurrence. 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.
My bid for a property was accepted at auction in Flamborough. Conveyancing is required. What are my next steps?
Having legally committed yourself to purchase you now have to choose a conveyancing solicitor soon as you are faced with a pending a fixed date to complete the transaction. Every auction property should have an associated auction set of papers. This should include evidence of title and search results. In the case of leasehold premises the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You must hand this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in order to complete on the date specified in the contract.
I have a mortgage with Yorkshire BS for my property in Flamborough. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention before letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel firm.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Flamborough bank branch on numerous occasions and was told they are content with the situation and they will lend. My Flamborough conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their published requirements. Who do I believe?
The lawyer must comply with the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Do commercial conveyancing searches disclose proposed roadworks that could affect a commercial premises in Flamborough?
Many commercial conveyancing solicitors in Flamborough will conduct a SiteSolutions Highways report as it reduces the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Flamborough. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Flamborough.
For every commercial conveyancing transaction in Flamborough it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Flamborough commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Flamborough.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Flamborough is the location of the property. Is there any guidance you can give?
Flying freeholds in Flamborough are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Flamborough you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Flamborough may ascertain 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.
If all goes to plan we aim to complete the disposal of our £325,000 flat in Flamborough in 8 days. The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Flamborough?
For the majority of leasehold sales in Flamborough conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-exchange enquiries
Where consent is required before sale in Flamborough
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I purchased a 2 bed flat in Flamborough, conveyancing formalities finalised in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Flamborough with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2080
With 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.