We are about to exchange contracts for a ground floor flat in Adderbury. We have hit a snag. Our mortgage offer with Bank of Ireland runs out on 24/3/2026 but the owners are insisting on a completion date of 26/3/2026. Is it possible to extend the mortgage expiry date?
The best person to deal with your concern is your lawyer who should calculate if they should be discussing with the mortgage company, seller’s lawyers, property agents or possibly all three given the history of your transaction as of today.
We are buying a property and need a conveyancing solicitor in Adderbury who is on the Nottingham conveyancing panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nottingham . We don't recommend any particular firms conducting conveyancing in Adderbury.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Adderbury so that I can attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer need their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to hand over identification documents and there are still distinct benefits to choosing a locally based ayer, in your case a conveyancing solicitor in Adderbury.
How does conveyancing in Adderbury differ for new build properties?
Most buyers of new build or newly converted property in Adderbury come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Adderbury typically acquire the land, 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 Adderbury or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Adderbury I like with open areas and station in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Adderbury suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.