We are about to sign contracts for a ground floor flat in Seascale. We have hit a stumbling block. Our loan offer with Nationwide Building Society runs out on 19/6/2025 but the vendors are putting forward a completion date of 23/6/2025. Can one extend the loan offer?
The best person to address this issue is your solicitors who is in a position to determine if he or she is corresponding with the mortgage broker, seller’s lawyers, property agents or indeed all three taking into account the history of your conveyancing as of today.
We see that you have a search directory identifying law firms on the Virgin Money conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Seascale?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Seascale.
Do I have to visit the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Seascale so that I can attend their offices if required.
Whereas this was necessary 15 years ago, most lenders no longer oblige their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to provide ID documents and there are still distinct benefits to instructing a locally based solicitor, in your situation a conveyancing solicitor in Seascale.
I'm purchasing my first flat in Seascale benefiting from help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not disclose to my conveyancer about the extras as it could affect my loan with the lender. Is this normal?.
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 property I put an offer in last month in what should have been a quick, no chain conveyancing. Seascale is the location of the property. What do you suggest?
Flying freeholds in Seascale are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Seascale 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 Seascale may determine 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 Seascale what are the most common lease problems?
Leasehold conveyancing in Seascale is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Chelsea Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
Seascale Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
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Is there a share of the freehold? What prohibitions are contained in the Seascale Lease?