We are a couple about to sign contracts for a semi detached house in Penrith. We encountered a problem. The mortgage offer with Bank of Scotland runs out on 24/7/2023 but the vendors are putting forward a completion date of 26/7/2023. Is it possible to extend the loan expiry date?
The person best placed to address this issue is your conveyancer who will calculate if they corresponding with the bank, owner’s conveyancers, estate agents or indeed all three taking into account the history of your house move to date.
Is there a reason why leasehold purchase conveyancing in Penrith is more expensive?
Penrith leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
A colleague suggested that if I am purchasing in Penrith I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Penrith conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Penrith around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Penrith Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Penrith Education with maps and statistics, Local Amenities and other useful information regarding Penrith.
How does conveyancing in Penrith differ for newly converted properties?
Most buyers of new build premises in Penrith come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Penrith typically buy the land, 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 used to new build conveyancing in Penrith or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Penrith is where the house is located. Can you offer any advice?
Flying freeholds in Penrith are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Penrith 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 Penrith may determine 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 premises.
I have just appointed agents to market my 2 bed apartment in Penrith.Conveyancing lawyers have not yet been instructed but I have recently had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as usual as all ground rent and maintenance charges will be allottedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies 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. This will smooth the conveyancing process