We are about to sign contracts for a semi detached house in Romford. We have hit a snag. The loan offer with Santander expires on 10/12/2021 but the vendors are putting forward a completion date of 14/12/2021. Can one extend the mortgage offer?
The person best placed to address this concern is your solicitors who will hopefully determine whether they better off negotiating with the mortgage broker, owner’s conveyancers, estate agents or conceivably all three given the history of your transaction as of today.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial estate in Romford?
Many commercial conveyancing solicitors in Romford will order a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Romford. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Romford.
For every commercial conveyancing transaction in Romford it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Romford commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Romford.
five months have elapsed following my purchase conveyancing in Romford took place. I have checked the Land Registry website which shows that I paid £200,000 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 Romford differ for new build properties?
Most buyers of new build premises in Romford contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Romford tend to purchase 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 accustomed to new build conveyancing in Romford or who has acted in the same development.
I opted to have a survey carried out on a house in Romford in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some banks may not give a mortgage on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Romford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a reputable estate agent office in Romford where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Romford conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Romford conveyancing firm to represent me?
Most definitely. We are happy to put you in touch with a Romford conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Romford premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired lease term was 57.5 years.