We are about to exchange contracts for a garden flat in Wakefield. We encountered a stumbling block. Our loan offer with Nottingham Building Society expires on 15/9/2025 but the sellers are suggesting a completion date of 17/9/2025. Is it possible to prolong the mortgage offer?
The person best placed to deal with your concern is your conveyancer who will determine if they corresponding with the mortgage broker, vendor’s solicitors, estate agents or indeed all parties taking into account the history of your house move to date.
We're in Wakefield, FTBs purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do commercial conveyancing searches reveal proposed roadworks that may impact a commercial property in Wakefield?
Its becoming the norm that commercial conveyancing solicitors in Wakefield will conduct a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Wakefield. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Wakefield.
For each commercial conveyancing transaction in Wakefield it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Wakefield commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Wakefield.
I'm buying my first flat in Wakefield benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The property agent told me not to tell my solicitor about the deal as it may impact 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 looking for a leasehold apartment up to £305k and identified one close by in Wakefield I like with amenity areas and railway 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 Wakefield for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.