We were just about to sign contracts for a ground floor flat in Lytham. We encountered a stumbling block. Our loan offer with Chelsea Building Society runs out on 2/7/2021 but the owners are putting forward a completion date of 6/7/2021. Is it possible to extend the loan expiry date?
The best person to deal with your concern is your conveyancer who should calculate if he or she is corresponding with the bank, seller’s representatives, property agents or indeed all three based on the history of your conveyancing as of today.
What does my ID and proof of funds have anything to do with my conveyancing in Lytham? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms of Engagement that you are required to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over ID verification documents, your conveyancer would not be able to accept instructions from you.
4 months have gone by following my purchase conveyancing in Lytham completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 asset 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 Lytham differ for new build properties?
Most buyers of new build property in Lytham approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Lytham usually purchase the site, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Lytham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Lytham is the location of the property. Can you offer any guidance?
Flying freeholds in Lytham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lytham you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lytham 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.
I dont have enough spare cash to pay a 10% deposit on my flat purchase in Lytham , but I am anxious exchange. Do I have options?
One option is to try and accept a lower deposit. Many vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute