We are about to sign contracts for a freehold house in Paignton. We have hit a problem. The mortgage offer with Nottingham Building Society runs out on 5/1/2026 but the sellers are putting forward a completion date of 7/1/2026. Can one prolong the loan expiry date?
The person best placed to deal with your question is your solicitors who should determine if they corresponding with the bank, vendor’s solicitors, selling agents or possibly all three taking into account the circumstances your conveyancing as of today.
My brother-in-law has suggested I instruct a conveyancing solicitor in Paignton. I I would like to check if they are accepted on the Britannia conveyancing panel. Could you assist?
The first thing you should do is contact the lawyer and ask them whether they can act for the bank. Otherwise you can call Britannia who may be able to help.
Will our lawyer be raising questions about flooding during the conveyancing in Paignton.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Paignton. There are those who acquire a house in Paignton, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a number of searches that can be undertaken by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Paignton. The standard property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to determine whether the property has historically flooded. If the property has been flooded in past and is not revealed by the seller, then a purchaser may bring a compensation claim resulting from an misleading response. The buyer’s lawyers may also carry out an environmental report. This should disclose if there is any known flood risk. If so, further inquiries will need to be initiated.
I'm buying my first flat in Paignton with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my conveyancer about this deal as it may impact my mortgage with the lender. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Paignton is the location of the property. What do you suggest?
Flying freeholds in Paignton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Paignton you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Paignton 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.
Can you provide any top tips for leasehold conveyancing in Paignton from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Paignton can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled. A minority of Paignton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate is often a time consuming process and frustrates many a Paignton home move. Where a duplicate share is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.
I bought a ground floor flat in Paignton, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Paignton with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2078
You have 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.