We are a couple about to exchange contracts for a property in Hucknall. We encountered a stumbling block. The loan offer with Platform Home Loans Ltd expires on 19/2/2025 but the vendors are insisting on a completion date of 21/2/2025. Can one extend the mortgage expiry date?
The person best placed to deal with your question is your solicitors who will hopefully determine whether he or she is should be discussing with the lender, seller’s conveyancers, selling agents or conceivably all parties based on what has gone on in your transaction to date.
About to place a bid on a leasehold apartment in Hucknall. The selling agents tell me that it is the norm for flats in Hucknall to have less than 75 years unexpired on the lease. I am getting a loan with Tesco Bank. Is this going to be acceptable if the lease has 72 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 19/12/2024 the requirements read as follows :
What does a local search inform me about the house we're buying in Hucknall?
Hucknall conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company such as PSG The local search is essential in every Hucknall conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Hucknall is the location of the property. Is there any guidance you can give?
Flying freeholds in Hucknall are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hucknall you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hucknall 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 premises.
Is it best to use a Hucknall conveyancing solicitor who is local to the property I am hoping to buy? We have a good friend who can execute the legal formalities however her office is over three hundred kilometers drive away.
The primary upside of using a local Hucknall conveyancing firm is that you can pop in to execute paperwork, present your identification documents and pester them where appropriate. They will also have local knowledge which is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were content that must surpass using an unfamiliar Hucknall conveyancing lawyer solely due to them being Hucknall based.