We were just about to exchange contracts for a garden flat in Poplar. We have hit a problem. The loan offer with Leeds Building Society runs out on 15/3/2022 but the sellers are insisting on a completion date of 17/3/2022. Is it possible to prolong the loan offer?
The best person to address this concern is your lawyer who will determine if they should be discussing with the lender, seller’s solicitors, selling agents or conceivably all three taking into account the circumstances your transaction to date.
Having sold my house in Poplar last April but the buyer keeps whats apping me complaining that their conveyancer needs to hear from mine. What should have happened following completion?
Following your sale your conveyancer should send the transfer documentation and all additional paperwork to the buyer’s lawyers. If applicable, your solicitor should also confirm that the mortgage has been discharged to the buyers solicitors. There is unlikely to be post completion requirements just for conveyancing in Poplar.
five months have gone by following my purchase conveyancing in Poplar concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 Poplar differ for newly converted properties?
Most buyers of new build or newly converted property in Poplar come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Poplar usually 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 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 accustomed to new build conveyancing in Poplar or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one round the corner in Poplar I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Poplar in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I'm refinancing my existing house to a buy to let loan with Skipton Building Society and intend to use the remaining equity towards further house. The location we are talking about is Poplar. Will your solicitors be able to act for both sets of banks and tie in the transactions?
Do use our search tool on this site to check that the solicitors are on the relevant lender panels. Having checked that they are your lawyer will be able to connect the two transactions but you should talk with you lawyer and communicate your desired outcome and requirements.