We were just about to sign contracts for a leasehold flat in Hermitage. We have hit a snag. The mortgage offer with Nottingham Building Society runs out on 2/2/2023 but the sellers are putting forward a completion date of 6/2/2023. Can one prolong the mortgage offer?
The person best placed to deal with your question is your solicitors who will calculate whether they corresponding with the lender, seller’s representatives, property agents or possibly all parties based on the history of your transaction to date.
Why do I have to pay up front when it comes to conveyancing in Hermitage?
If you are buying a property in Hermitage your lawyer will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the sale price then this will be required shortly before exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
four months have elapsed following my purchase conveyancing in Hermitage completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Hermitage differ for newly converted properties?
Most buyers of new build or newly converted property in Hermitage come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Hermitage typically purchase 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 property lawyers 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 Hermitage or who has acted in the same development.
I decided to have a survey carried out on a house in Hermitage before retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some lenders will refuse to grant a loan on such a home.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you e-mail us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hermitage. Conveyancing may be slightly more expensive based on your lender's requirements.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Hermitage. Conveyancing solicitors are to be appointed soon, however I have just had a quarterly maintenance charge demand – Do I pay up?
It best that you clear the invoice as normal as all rents and maintenance payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Hermitage Leasehold Conveyancing - Sample of Queries before Purchasing
This information is useful as a) areas could cause problems for the building as the communal areas may begin to deteriorate if services remain unpaid b) if the leaseholders have a dispute with the managing agents you will want to have all the details How long is the Lease? Is the freehold owned collectively by the tenants?