We were just about to exchange contracts for a leasehold flat in Mildmay. We have hit a snag. The mortgage offer with Barclays expires on 20/1/2025 but the sellers are suggesting a completion date of 22/1/2025. Can one extend the mortgage expiry date?
The person best placed to address this issue is your lawyer who is in a position to determine if he or she is should be discussing with the mortgage broker, owner’s representatives, estate agents or indeed all three based on the history of your house move as of today.
We note that you have a search directory identifying law firms on the Lloyds conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Mildmay?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Mildmay.
Will my lawyer be raising enquiries concerning flooding as part of the conveyancing in Mildmay.
The risk of flooding is if increasing concern for lawyers dealing with homes in Mildmay. There are those who acquire a property in Mildmay, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a number of searches that can be carried out by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Mildmay. The conventional set of completed inquiry forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past which is not disclosed by the seller, then a purchaser may bring a compensation claim as a result of such an misleading answer. A buyer’s conveyancers should also commission an environmental search. This should disclose whether there is any known flood risk. If so, further investigations should be carried out.
three months have gone by since my purchase conveyancing in Mildmay took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 asset 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Mildmay I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Mildmay in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.