The owners of the property we are purchasing are using a conveyancing practitioner in Barnehurst who has recommended a preliminary contract with a down payment two thousand pounds. Are such agreements promoted for Barnehurst conveyancing transactions?
There are a couple of primary concerns with signing a lock out contract (also known as a shut-out contract) is that it takes away the focus from moving forward with the conveyancing work, so in the absence of it needing limited or no negotiation then it may turn out to be a cause of frustration and delay. It is not strongly advocated amongst Barnehurst conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - an aggrieved buyer is not likely to be issued with an injunction to bar the owner completing the sale to a third party, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in restricted circumstances, the additional payment of damages.
It is is a decade since I purchased my house in Barnehurst. Conveyancing solicitors have now been appointed on the sale but I can't locate my title documents. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be with the lender or they could stored with the lawyers who oversaw your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Barnehurst relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
About to place an offer on a leasehold apartment in Barnehurst. The property agents tell me that it is standard for flats in Barnehurst to have less than 75 years remaining. I am getting a mortgage with Platform. Is this going to be acceptable if the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/12/2024 the requirements read as follows :
Will our lawyer be making enquiries regarding flooding during the conveyancing in Barnehurst.
Flooding is a growing risk for conveyancers conducting conveyancing in Barnehurst. Some people will acquire a property in Barnehurst, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a various searches that may be initiated by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Barnehurst. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer may bring a compensation claim as a result of such an incorrect reply. A purchaser’s conveyancers may also order an enviro report. This will disclose if there is any known flood risk. If so, more detailed inquiries will need to be initiated.
How does conveyancing in Barnehurst differ for new build properties?
Most buyers of new build premises in Barnehurst contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Barnehurst typically purchase the real estate, 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 Barnehurst or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one near me in Barnehurst I like with open areas and railway links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Barnehurst in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.