We are about to sign contracts for a garden flat in Peterborough. We encountered a stumbling block. Our mortgage offer with Alliance & Leicester expires on 18/7/2022 but the owners are putting forward a completion date of 20/7/2022. Can one prolong the mortgage expiry date?
The person best placed to address this concern is your lawyer who will hopefully assess whether they corresponding with the mortgage company, vendor’s representatives, selling agents or indeed all parties based on the history of your conveyancing to date.
At what point can the exchange of contracts take place for domestic conveyancing in Peterborough and do I need to be at the conveyancers office?
If you are local to our conveyancing solicitors in Peterborough you are welcome to come in to sign contracts. That being said, the law practices we work with supply countrywide coverage for conveyancing and provide just as detailed and professional a job for you when communicating with you by post or email. The executing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Peterborough)to be in the office available at the end of the phone to exchange contracts.
Can you clarify what the consequences are if my solicitor is suspended from the Bank of Ireland Solicitor panel ahead of completing my conveyancing in Peterborough?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I'm buying a new build house in Peterborough with a loan from Britannia. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my conveyancer about this extras as it may put at risk my mortgage with Britannia. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Peterborough is the location of the property. What do you suggest?
Flying freeholds in Peterborough are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Peterborough 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 Peterborough 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.
Completion is due on our sale of a £425,000 garden flat in Peterborough next Friday. The managing agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Peterborough?
For most leasehold sales in Peterborough conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-exchange enquiries
Where consent is required before sale in Peterborough
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Peterborough - A selection of Questions you should consider before buying
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This question is important as a) areas may result in problems in the building as the communal areas may start to deteriorate where maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will want to have full disclosure How many of the leaseholders are in arrears for their maintenance charge payments? The prefered form of lease arrangement is a share of the freehold. In this scenario the lessees benefit from control and although a managing agent is frequently employed if the building is larger than a house conversion, the managing agent employed by the leaseholders.