We were just about to sign contracts for a garden flat in Salisbury. We encountered a snag. Our mortgage offer with runs out on but the sellers are insisting on a completion date of . Can one prolong the mortgage offer?
The best person to address this issue is your conveyancer who should calculate if he or she is better off negotiating with the mortgage company, vendor’s solicitors, selling agents or possibly all parties taking into account the circumstances your conveyancing to date.
The Salisbury conveyancing solicitors that just started acting on my house acquisition in Salisbury have without warning shut down. They were on acting for me because I had to have a lawyer on the conveyancing panel and my preferred Salisbury lawyer was not. I cut them a cheque for two hundred pounds in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Salisbury is where the house is located. Is there any guidance you can give?
Flying freeholds in Salisbury are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Salisbury 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 Salisbury may determine 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.
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I bought a ground floor flat in Salisbury, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Salisbury with over 90 years remaining are worth £165,000. The ground rent is £45 yearly. The lease runs out on 21st October 50
With just 50 years remaining on your lease the likely cost is going to range between £36,100 and £41,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.