We are a couple about to exchange contracts for a freehold house in Sawbridgeworth. We encountered a stumbling block. The mortgage offer with The Mortgage Works expires on 3/2/2026 but the vendors are putting forward a completion date of 5/2/2026. Can one prolong the mortgage expiry date?
The best person to address this concern is your conveyancer who is in a position to assess whether he or she is corresponding with the lender, seller’s representatives, property agents or indeed all three taking into account the circumstances your conveyancing to date.
I happen to be the sole recipient of my late father’s will with all property in now in my sole name, including the house in Sawbridgeworth. Conveyancing formalities meant that the Land Registry date was in November. I want to move. I do know about the CML 6 month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in November. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view mortgage companies take of it, depend on the bank as this clause primarily exists to capture the purchase and immediately sell or the wholesaling and assigning of properties.
We had instructed conveyancing lawyers based in Sawbridgeworth on the Skipton solicitor panel. They have just billed me a separate fee for the legal aspects of the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your lawyer is entitled to levy a fee for this. This fee is not set by Skipton but by your Sawbridgeworth conveyancing practitioner. Some firms on the Skipton panel will quote ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Sawbridgeworth building society branch on numerous occasions and was told they are content with the situation and they would lend. My Sawbridgeworth conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The property lawyer has to comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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.
2 months have gone by since my purchase conveyancing in Sawbridgeworth concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. 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.
How does conveyancing in Sawbridgeworth differ for new build properties?
Most buyers of new build property in Sawbridgeworth contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Sawbridgeworth tend to purchase 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 Sawbridgeworth or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Sawbridgeworth is the location of the property. Can you offer any opinion?
Flying freeholds in Sawbridgeworth are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sawbridgeworth you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sawbridgeworth 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 residence.