We were just about to sign contracts for a freehold house in Turvey. We have hit a problem. The loan offer with Barnsley Building Society expires on 23/3/2023 but the vendors are suggesting a completion date of 27/3/2023. Can one prolong the mortgage expiry date?
The person best placed to address this concern is your lawyer who should determine if they should be discussing with the bank, owner’s solicitors, estate agents or possibly all parties taking into account the circumstances your transaction as of today.
I own a freehold premises in Turvey but still pay rent, why is this and what is this?
It is rare for properties in Turvey and has limited impact for conveyancing in Turvey but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Planning on purchasing a apartment in Turvey. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Turvey conveyancing practitioner is on the HSBC conveyancing panel.
My offer was accepted on an apartment in Turvey on 28/11/2022, valuation was booked 4 days after, received a clean bill of health. Property lawyer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to TSB and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the TSB conveyancing panel. Are TSB entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
Nottingham have agreed my home loan in principle, my bid on a house in Turvey has been accepted, what happens next?
Your estate agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s panel). Call up Nottingham or your broker and complete any outstanding documentation. Nottingham will instruct a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Nottingham will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Turvey.
How does conveyancing in Turvey differ for newly converted properties?
Most buyers of new build residence in Turvey approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Turvey tend to purchase the land, 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 accustomed to new build conveyancing in Turvey or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Turvey ahead of retaining conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies tend not grant a loan on such a house.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Turvey. Conveyancing may be slightly more expensive based on your lender's requirements.
How difficult is it to switch conveyancer as I need to choose a firm on the Yorkshire Building Society conveyancing panel. I instructed a high street conveyancing solicitor in Turvey round the corner but he is not approved by Yorkshire Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Turvey on the Yorkshire Building Society panel. Please note that the solicitors that we work with do not pay us a referral fee if you instruct them and are regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Turvey. Using the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Turvey.