We are about to sign contracts for a leasehold flat in Plympton. We have hit a snag. Our mortgage offer with Lloyds TSB Bank expires on 16/11/2021 but the owners are suggesting a completion date of 18/11/2021. Is it possible to extend the mortgage offer?
The best person to address this concern is your solicitors who should calculate whether they better off negotiating with the lender, seller’s representatives, property agents or indeed all three given the circumstances your conveyancing to date.
is it true that all Plympton solicitor firms on the Kent Reliance conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Kent Reliance approved list of solicitors they would need to be regulated by the SRA. The majority of lenders do allow licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
Intending to buy a flat in Plympton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Plympton property lawyer is on the HSBC conveyancing panel.
After shopping around on the internet I have found a Plympton conveyancing practitioner having checked that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Plympton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Me and my brother purchased a terraced Edwardian property in Plympton. Conveyancing practitioner represented me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the matching address. Is it worth asking Accord Mortgages Ltd to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Plympton and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing solicitor who completed the work.
How does conveyancing in Plympton differ for new build properties?
Most buyers of new build or newly converted property in Plympton contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Plympton tend to acquire 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 conveyancers 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 Plympton or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Plympton is the location of the property. Can you offer any assistance?
Flying freeholds in Plympton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Plympton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plympton 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 premises.
When it comes to leasehold conveyancing in Plympton what are the most frequent lease problems?
Leasehold conveyancing in Plympton is not unique. Most leases are unique and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
A provision for the recovery of money spent for the benefit of another party. Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
Plympton Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
Generally speaking the outlay for major works are not built into the maintenance charges, although there some managing agents in Plympton require tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance. Who manages the block? How much is the annual service fee and ground rent?