We were just about to sign contracts for a semi detached house in Walkington. We have hit a problem. Our loan offer with HSBC Bank runs out on 17/7/2023 but the sellers are suggesting a completion date of 19/7/2023. Is it possible to extend the loan offer?
The person best placed to address this issue is your lawyer who should assess if he or she is corresponding with the bank, seller’s lawyers, selling agents or possibly all parties given the history of your conveyancing as of today.
In what way does my ID and proof of funds have anything to do with my conveyancing in Walkington? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with before they can accept their conveyancing retainer. The Terms of Engagement that you need to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you are unwilling to supply ID verification documents, your lawyer would not be able to act for you.
My colleague suggested that if I am buying in Walkington I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Walkington conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Walkington around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Walkington Education with plans and statistics, Local Amenities and other useful information about Walkington.
I have a 4 bedroom Victorian house in Walkington. Conveyancing practitioner acted for me and Virgin Money. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Walkington and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing lawyer who completed the work.
My husband and I are a couple of weeks into a freehold purchase having been directed to conveyancers by the selling agent to perform conveyancing in Walkington. I am not happy. Can you help me find new conveyancers?
They would have to be really bad to suggest replacing them. Has your loan offer been generated? If so you must make them aware of the replacement conveyancer and get the mortgage documents are issued to the new lawyers. The solicitor ideally needs to be on the banks approved list to avoid added fees and frustration. So that should be your starting point. Our search tool can help you find a bank approved conveyancer for your conveyancing in Walkington
Last January I purchased a leasehold house in Walkington. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a basement flat in Walkington, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Walkington with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease ends on 21st October 2099
With 76 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.