We were just about to exchange contracts for a property in Harehills. We have hit a snag. Our mortgage offer with Santander expires on 10/6/2024 but the sellers are suggesting a completion date of 12/6/2024. Can one prolong the mortgage offer?
The best person to address this issue is your conveyancer who is in a position to calculate if he or she is should be discussing with the mortgage broker, vendor’s conveyancers, selling agents or indeed all three taking into account the history of your conveyancing as of today.
Are the Harehills conveyancing solicitors identified as being on the Nottingham conveyancing panel, together with their details provided by Nottingham?
Harehills conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
My Conveyancer in Harehills is not listed on the Halifax Approved Panel. Can I still retain my prefered solicitor even though they are not on the Halifax panel of approved conveyancing solicitors?
The limited options available to you here include:
- Carry on with your preferred Harehills solicitors but Halifax will need to use a conveyancer on their panel. This will inevitably rack up the total legal charges as well as cause delays.
- Find an alternative practitioner to to deal with the conveyancing, obviously checking they are on the Halifax panel
I'm buying a new build house in Harehills with a loan from Leeds Building Society. The developers would not reduce the price so I negotiated £7000 of additionals instead. The sale representative advised me not to tell my solicitor about the extras as it would impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £305k and found one close by in Harehills I like with a park and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Harehills suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
Looking forward to exchange soon on a studio apartment in Harehills. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Harehills should include some of the following:
-
Your solicitors should enable you to have an understanding of the insurance obligations Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? if lease caters for for a reserve account for major repairs? Are you allowed to have a pet in the flat? Does the lease require carpeting throughout thus preventing wood flooring?
I inherited a split level flat in Harehills, conveyancing formalities finalised in 2006. How much will my lease extension cost? Corresponding properties in Harehills with a long lease are worth £216,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2094
With just 70 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.