We are about to sign contracts for a leasehold flat in Winterton. We encountered a problem. Our mortgage offer with Bank of Scotland expires on 4/2/2025 but the vendors are insisting on a completion date of 6/2/2025. Is it possible to extend the loan expiry date?
The person best placed to address this issue is your solicitors who will hopefully determine if he or she is better off negotiating with the bank, owner’s lawyers, estate agents or indeed all parties given the history of your house move as of today.
we are a couple who wish to acquire a newbuild apartment in Winterton with a residential mortgage from Nottingham Building Society.We like our Winterton conveyancing lawyer but Nottingham Building Society advised that she’s not on their approved list of member firms. we are left little option but to use a Nottingham Building Society panel solicitor or keep our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Nottingham Building Society use our lawyer?
No, not really. The home loan offered to you contains terms and conditions, a common one being that conveyancers will be on the Nottingham Building Society conveyancing panel. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Nottingham Building Society
I am buying a new build house in Winterton with a loan from Alliance & Leicester . The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not disclose to my solicitor about the side-deal as it would impact my loan with the bank. Should I keep quiet?.
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.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Winterton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Winterton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Winterton you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Winterton may ascertain 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 premises.
Taking into account that I will soon part with hundreds of thousands of pounds on a garden flat in Winterton I would like to have a conversation with the lawyer regarding thehouse move in advance of giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you liaising with the conveyancer due to be conducting your conveyancing in Winterton.There is no ‘factory style conveyancing’ - each client is an important individual, not a case reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Winterton should be the figure that you are charged.
I am on look out for some leasehold conveyancing in Winterton. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Winterton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Winterton Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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This information is important as a) areas can cause problems for the building as the communal areas may begin to deteriorate if services are not paid for b) if the tenants have a dispute with the running of the building you will want to know about it Is anyone aware of any major works anticipated that could increase the maintenance costs? Best to be warned whether fixing the lift or some other major work is anticipated that will be shared between the leaseholders and will materially increase the the service costs or result in a specific invoice.