We were just about to sign contracts for a leasehold flat in Yeadon. We have hit a stumbling block. The loan offer with Clydesdale runs out on 2/10/2025 but the vendors are suggesting a completion date of 6/10/2025. Is it possible to prolong the mortgage expiry date?
The best person to address this issue is your solicitors who should assess if he or she is corresponding with the mortgage company, seller’s lawyers, estate agents or possibly all three given the circumstances your house move as of today.
Do banks and building societies provide you with an approved list of Yeadon conveyancing solicitors? How do you know who is on the Clydesdale conveyancing panel?
Yeadon conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
I had intended to instruct a conveyancing solicitor in Yeadon for our house purchase. Our financial adviser informed us that our bank Barclays Direct won't deal with them. Surely this is unfair competition?
Lenders ordinarily imposes restrictions either the category or the number of conveyancing solicitors on their member panel. Typical examples of such restriction(s) being that a firm must have two or more partners. As well as restricting the type of firm, a few lenders have limited the number of solicitor practices they use to act for them. Be aware that Barclays Direct have no responsibility for the quality of advice provided by any member of Barclays Direct Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there are differing opinions concerning the level of solicitor involvement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Yeadon only conduct one or two conveyances a year.
How does conveyancing in Yeadon differ for new build properties?
Most buyers of new build residence in Yeadon contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Yeadon typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Yeadon or who has acted in the same development.
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Yeadon I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Yeadon suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I have noted on a number of consumer advice websites that when choosing a conveyancing lawyer they need approved by your bank. This is my first house move but I have an AIP from HSBC and I already have a high street conveyancing lawyer in Yeadon in place. Will Santander insist on an approved solicitor to be used? If so, where do I find that list so I can choose a conveyancing solicitor in Yeadon?
You should use a solicitor that is on the Santander panel. Simply call your chosen Yeadon conveyancing solicitor and ask if they are on the Santander panel. If they are not approved you have a couple of choices open to you here:
- Carry on with your chosen Yeadon property lawyer but Santander will undoubtedly instruct a conveyancer on their approved list. This will result in additional fees together with probable delay.
- Get a new lawyer to act in the purchase, obviously checking they are on the Santander conveyancing panel.
- Convince your lawyer to pull out all the stops to get accepted on the Santander panel of solicitors.