We were just about to exchange contracts for a semi detached house in Wymondham. We have hit a snag. Our mortgage offer with Lloyds TSB Bank runs out on 20/7/2026 but the owners are suggesting a completion date of 22/7/2026. Is it possible to extend the mortgage expiry date?
The best person to address this question is your solicitors who will hopefully assess if he or she is better off negotiating with the mortgage company, owner’s lawyers, selling agents or conceivably all three taking into account what has gone on in your conveyancing as of today.
As someone clueless as to the Wymondham conveyancing process what’s your top tip you can impart for the house moving process in Wymondham
You may not hear this from too many lawyers but conveyancing in Wymondham or throughout England and Wales is often a confrontational process. In other words, when it comes to conveyancing there exists plenty of opportunity for friction between you and others involved in the legal transfer of property. E.g., the seller, property agent and sometimes the mortgage company. Choosing a solicitor for your conveyancing in Wymondham is a critical decision as your conveyancer is your adviser, and is the SOLE party in the process whose responsibility is to act in your legal interests and to protect you.
On occasion a third party with a vested interest will attempt to sway you that you should follow their advice. As an example, the property agent may claim to be helping by suggesting your conveyancer is slow. Or your financial adviser may try to convince you to do take action that is against your conveyancers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
There are plenty of conveyancing solicitors in Wymondham but how do I know who's good?
It would be unwise to be tempted by the cheapest Wymondham conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I can not fathom if my lender requires a lease extension. I have called into my local Wymondham bank branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Wymondham conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their specific requirements. I simply don't know who is right.
As long as the lawyer is on the mortgage company approved list, she or he must adhere to the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
My offer on a house in Wymondham has been agreed to, the sellers do however have a dependent purchase. The owners have placed an offer on somewhere, but it’s not been accepted yet, and are looking at other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Wymondham. What do I do now? When should I get the mortgage application with Yorkshire BS going?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx one thousand pounds, then survey, Wymondham conveyancing search costs, etc). The first course of action is to check that your solicitor is on the Yorkshire BS approved list. As to the next phase this very much dictated by the specifics of your transaction, attraction to this property and on the state of the market. In a buoyant market the majority of buyers will apply for a home loan with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they pay their solicitor to move forward with searches.
It has been 2 months since my purchase conveyancing in Wymondham took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Wymondham with a loan from Santander. The sellers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my lawyer about the extras as it may adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 am employed by a busy estate agency in Wymondham where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Wymondham conveyancing solicitors. Could you clarify whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Wymondham Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
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What is the name of the managing agents? You should be aware that where the lease has no more than eighty years it will have adverse implications on the marketability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will probably need a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you will be required to have owned the residence for a couple of years in order to be eligible to exercise a lease extension. Can you tell me if there are any major works in the near future that could add a premium to the maintenance charges?