We were just about to exchange contracts for a property in Rednal. We encountered a stumbling block. The mortgage offer with Yorkshire Building Society expires on 29/5/2025 but the sellers are suggesting a completion date of 2/6/2025. Is it possible to extend the mortgage expiry date?
The person best placed to deal with your issue is your conveyancer who will calculate whether they corresponding with the mortgage company, seller’s solicitors, estate agents or conceivably all three given what has gone on in your house move to date.
Is there a reason why leasehold purchase conveyancing in Rednal is more expensive?
Rednal leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather use a Rednal based conveyancing firm?
Do check but the the probability is that give you one of their panel conveyancers where you accept the "fee-free" deal. Speak to the lender and ask if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Rednal.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Rednal?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Rednal. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My husband and I are novice buyers - agreed a price, yet the selling agent told us that the seller will only go ahead if we use their chosen solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Rednal
It is improbable the sellers are driving this. If they desire ‘a quick sale', turning down a genuine buyer is not the way to achieve this. Try to communicate with the owners directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)but you intend to appoint your own,trusted Rednal conveyancing firm - rather thanthe ones that will earn their negotiator at the agency a referral fee or meet his conveyancing figures pre-set by corporate headquarters.
Our solicitor in Rednal has discovered a defect with the lease for the property we are buying in Rednal. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.