We were just about to sign contracts for a ground floor flat in Fordingbridge. We have hit a stumbling block. The mortgage offer with Leeds Building Society expires on 25/11/2022 but the owners are insisting on a completion date of 29/11/2022. Is it possible to prolong the loan expiry date?
The best person to deal with your question is your solicitors who will assess whether they corresponding with the mortgage broker, seller’s conveyancers, property agents or possibly all parties given the history of your house move as of today.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Fordingbridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Fordingbridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Fordingbridge differ for newly converted properties?
Most buyers of new build or newly converted property in Fordingbridge contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Fordingbridge typically buy the real estate, 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 conveyancers 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 used to new build conveyancing in Fordingbridge or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Fordingbridge I like with amenity areas and railway links nearby, however it only has 52 remaining years left on the lease. There is not much else in Fordingbridge in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
My husband and I are FTB’s - agreed a price, yet the selling agent advised that the vendor will only go ahead if we use the agent's recommended lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street solicitor used to conveyancing in Fordingbridge
It is unlikely the owners are driving this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is going to damage their objectives. Avoid the agents and go straight to the sellers and make sure they comprehend that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your preferred Fordingbridge conveyancing firm - not the ones that will earn their estate agent a kickback or hit his conveyancing targets pre-set by head office.
My fiance and I have recently had an offer accepted on a flat and had an appointment on Monday with the Post Office for the mortgage. They have informed me that when it comes to selecting a conveyancer that if they are not on their approved list of conveyancers then we will have to pay out an additional fee of £200. This is is due to the fact that they will then have to instruct a property lawyer to act on their behalf as well as the one we choose to act for ourselves and we will be on the hook for their invoice. I have asked the Post Office to furnish me with a list so I can seek estimates only from their approved lawyers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You should ask the Post Office what their panel criteria is for a solicitor.Then ask the conveyancer of your choice whether they fit that criteria and have they acted on loans for the Post Office historically. If the answer to those is yes, then just double check with the Post Office. Alternatively please use our search facility and we should be able to identify a conveyancing practitioner in Fordingbridge on the approved list for the Post Office.