We have rather brash vendors who has suggested a exclusivity agreement with a non-refundable deposit 6,000. Are such agreements sensible?
Lock out contracts are contracts binding a property vendor and purchaser giving the buyer exclusive rights to the sale of the premises for a limited period of time. For all intents and purposes, an exclusivity agreement is a contract specifying that you will be issued with a contract at a later date which is the contract for the actual sale. It tends to be utilised for buyer assurance though in some cases, the proprietor may enjoy an upside from such agreements as well. There are many pros and cons to using them but you should to check with your solicitor but note that it may end up costing you extra in conveyancing charges. In light of this these agreements are not popular when it comes to conveyancing in Bermondsey.
It is 10 years ago since I purchased my property in Bermondsey. Conveyancing solicitors have recently been appointed on the sale but I am unable to track down my title deeds. Will this jeopardise the sale?
Don’t worry too much. First the deeds may be kept by your mortgage company or they could stored with the conveyancers who acted in the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Bermondsey involves registered property but in the rare situation where your home is unregistered it is more tricky but is resolvable.
I am considering applying for a Virgin Money mortgage for purchase of a new build (under development) in Bermondsey with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Virgin Money ?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Are there restrictive covenants that are commonly identified as part of conveyancing in Bermondsey?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bermondsey. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What tools are available to identify a Bermondsey law firm on the Chelsea Building Society conveyancing panel? I have wheels and am prepared to travel upto 10miles to meet the lawyer.
You can use the facility on this page. Please select a bank and your location and you will see a number of Bermondsey conveyancing lawyers located nearest you. We have listed some Bermondsey conveyancing firms at the bottom of this page and you can ring them to check whether they are on the Chelsea Building Society member panel
I own a leasehold flat in Bermondsey. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Bermondsey who acted for me is not around. Do I pay?
First contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Bermondsey conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
We have reached the end of our tether in trying to purchase the freehold in Bermondsey. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Bermondsey conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Bermondsey flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired term was 107 years.