We are a couple about to exchange contracts for a property in Totland. We encountered a problem. The mortgage offer with The Royal Bank of Scotland expires on 27/6/2025 but the vendors are insisting on a completion date of 1/7/2025. Is it possible to prolong the mortgage expiry date?
The best person to deal with your concern is your lawyer who should assess whether he or she is should be discussing with the mortgage company, seller’s conveyancers, selling agents or conceivably all parties taking into account the history of your transaction to date.
The Totland conveyancing lawyers that just started acting on my purchase in Totland have suddenly shut down. I only went with them because I needed a solicitor on the TSB conveyancing panel and my preferred Totland lawyer was not. I paid them 275 plus VAT in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
I have recentlydiscovered that Stirling Law have been shut down. They conducted my conveyancing in Totland for a purchase of a freehold house 12 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The quickest method to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Totland conveyancing specialists.
I'm purchasing a new build house in Totland with the aid of help to buy. The builders would not budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my lawyer about the deal as it may put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Totland I like with a park and station nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Totland in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I have recently realised that I have 62 years unexpired on my lease in Totland. I need to get lease extension but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you have done all that could be expected to track down the freeholder. On the whole a specialist would be helpful to carry out a search and prepare a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Totland.
I acquired a ground floor flat in Totland, conveyancing was carried out September 1999. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Totland with a long lease are worth £211,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2092
With just 67 years left to run the likely cost is going to span between £10,500 and £12,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.