We were just about to exchange contracts for a ground floor flat in Wells. We encountered a stumbling block. The mortgage offer with Coventry Building Society expires on 18/5/2026 but the sellers are putting forward a completion date of 20/5/2026. Is it possible to prolong the mortgage expiry date?
The best person to address this question is your conveyancer who will hopefully assess if they better off negotiating with the lender, vendor’s conveyancers, selling agents or possibly all parties based on what has gone on in your house move as of today.
Should conveyancers request money on account for my conveyancing in Wells?
If you are buying a property in Wells your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the purchase price then this should be required immediately before contracts are exchanged. The closing balance that is needed should be sent to your lawyer a couple of days prior to the day of completion.
Please help - my lawyer advises that lack of planning permission insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Wells?
The appropriate level of lack of planning permission indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
We had appointed conveyancers based in Wells on the Santander solicitor approved list. They have just billed me a further sum for dealing with the Santander mortgage. Is this a supplemental conveyancing fee specified by Santander?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your lawyer is entitled to charge a fee for this. This charge is not dictated by Santander but by your Wells conveyancer. Some firms on the Santander panel will levy ’dealing with mortgage’ fee and others do not.
We were going to get a AIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Wells solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Wells solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a property in Wells? or I am told that there is a law dating back centuries that could mean that owners of property living in a parish church boundary will be compelled to contribute towards repairs towards the chancel in proximity to the church. Is this appropriate for conveyancing in Wells?
Unless a prior acquisition of the house took place post 12 October 2013 you may assume that conveyancing practitioners carrying out conveyancing in Wells to continue to recommend a chancel search and or insurance against a claim.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Wells is the location of the property. What do you suggest?
Flying freeholds in Wells are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wells you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wells may decide 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 property.
I am attracted to a two maisonettes in Wells both have approximately fifty years remaining on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
Wells Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
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It is important to be aware if fixing the lift or some other major work is coming up to be shared between the leasehold owners and may well materially impact the level of the maintenance costs or require a one off invoice. The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this situation the lessees enjoy control and notwithstanding that a managing agent is frequently employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. For most Wells leaseholds the cost for major works are not wrapped into the maintenance charges, albeit that some managing agents in Wells obliged tenants to contribute towards a sinking fund and this is used to offset against larger works.