We were just about to sign contracts for a leasehold flat in Gowerton. We have hit a stumbling block. The loan offer with Virgin Money expires on 19/12/2025 but the vendors are insisting on a completion date of 23/12/2025. Is it possible to prolong the loan expiry date?
The best person to deal with your issue is your conveyancer who is in a position to assess if he or she is better off negotiating with the bank, owner’s lawyers, selling agents or conceivably all parties given what has gone on in your transaction as of today.
Why do I have to pay up front for conveyancing in Gowerton?
If you are buying a property in Gowerton your solicitor will ask you put them with monies to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this should be required immediately prior to contracts are exchanged. The final balance that is needed will be payable a couple of days ahead of the completion date.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who did the conveyancing in Gowerton 5 years ago no longer exist. What are my options?
Gone are the days when you need to have the physical deeds to establish that you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Gowerton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Gowerton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Gowerton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gowerton may decide 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 property.
I work for a long established estate agency in Gowerton where we see a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Gowerton conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a split level flat in Gowerton, conveyancing formalities finalised in 2004. Can you work out an approximate cost of a lease extension? Similar flats in Gowerton with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2098
You have 73 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Is it necessary during the course of the conveyancing process to visit the offices of the mortgage company conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Gowerton as it will be easier to pop in to their offices when needed.
Most conveyancing panel lawyers for the bank undertake conveyancing via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Gowerton. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.