We are a couple about to sign contracts for a semi detached house in Silvertown. We encountered a snag. Our mortgage offer with TSB runs out on 3/2/2020 but the owners are insisting on a completion date of 5/2/2020. Is it possible to extend the mortgage offer?
The best person to deal with your concern is your solicitors who will determine whether he or she is better off negotiating with the mortgage company, seller’s solicitors, property agents or indeed all three given the circumstances your transaction as of today.
This question may be naive but I am unseasoned as a 1st time buyer of a garden flat in Silvertown. Do I collect the keys to the house on the completion date from my lawyer? If so, I will use a local conveyancing solicitor in Silvertown?
On the day of completion you will not be required to go to the conveyancers office in Silvertown. Your solicitors will electronically transfer the completion advance to the owner’s conveyancers, and once they have received this, you should be called to pick up the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
A relative advised me that in purchasing a property in Silvertown there could be a number of restrictions prohibiting external alterations to the property. Is this right?
We are aware of a number of properties in Silvertown which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Silvertown should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in Silvertown. The Silvertown property was put into my name in November. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the property in November. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. Most banks would take a practical view as this clause chiefly exists to capture the purchase and immediately sell or the flipping of property.
What will a local search reveal regarding the house I am purchasing in Silvertown?
Silvertown conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance PSG The local search plays an important role in many a Silvertown conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
How does conveyancing in Silvertown differ for newly converted properties?
Most buyers of new build or newly converted property in Silvertown come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Silvertown typically buy the site, 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 property lawyers 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 Silvertown or who has acted in the same development.
I opted to have a survey carried out on a property in Silvertown ahead of retaining lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some banks tend refuse to give a loan on this type of property.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you contact us we can check 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 Silvertown. Conveyancing will be smoother if you use a solicitor in Silvertown especially if they are familiar with such properties in Silvertown.
I have been advised by numerous selling agents in Silvertown to choose a conveyancer on your site. What’s the financial advantage for Estate Agents to recommend your site over alternative conveyancing organisations?
We don’t offer any commission for directing people in our direction. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
