We were just about to exchange contracts for a ground floor flat in Wigston. We have hit a problem. The loan offer with Accord Mortgages Ltd runs out on 18/8/2022 but the sellers are insisting on a completion date of 22/8/2022. Can one extend the mortgage offer?
The person best placed to address this concern is your conveyancer who will hopefully assess whether he or she is should be discussing with the lender, vendor’s solicitors, property agents or possibly all parties based on 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 Wigston? Is this really necessary?
Wigston conveyancing solicitors and indeed property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Evidence of the origin of funds is also necessary in compliance with the money laundering laws as lawyers are obliged to ensure that the money you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase amount where you are buying mortgage free) has come from a reputable source (such as employment savings) as opposed to the product of illegitimate activity.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Wigston so that I can pop in to their offices if necessary.
Whereas this was necessary ten years ago, most lenders no longer need their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to provide ID documents and there are still distinct benefits to choosing a local practitioner, in your case a conveyancing solicitor in Wigston.
I am intent on selling our house in Wigston and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A high street Wigston lawyer would know this is not the case. For the life of me I don't know why the purchasers are using a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Wigston. Having lived in Wigston for many years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I purchased my apartment on 14 September and the transaction details is yet to be registered. Any reason for this? My conveyancing solicitor in Wigston expressed confidence that it would be registered in less than a month. Are properties in Wigston uniquely lengthy to register?
As far as conveyancing in Wigston is concerned, registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether there are errors and whether the Land registry have to notify any interested parties. As of today approximately 80% of submission are fully addressed within two weeks but occasionally there can be protracted hold-ups. Registration occurs once the purchaser is living at the premises therefore registration formalities is not usually primary concern yet where there is a degree of urgency associated with the registration then you or your lawyers could speak with the land registry and explain the circumstances.
I am looking for a leasehold apartment up to £235,500 and found one near me in Wigston I like with amenity areas and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Wigston in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.