The owners have rather brash vendors who has insisted on a preliminary agreement with a payment 10k. Are such agreements sensible?
Lock out agreements are contracts between a home owner and prospective acquirer giving the buyer exclusive rights to purchase the property for a set period of time. Essentially, an exclusivity is a document stating that you will receive a contract at a later time which is the contract for the actual sale. It is generally utilised for buyer assurance though in some cases, the proprietor may stand to benefit from such agreements as well. There are various pros and cons to having an agreement but you need to check with your lawyer but note that it may end up incurring more in conveyancing charges. In light of this these agreements are rare when it comes to conveyancing in Bilston.
Can you clarify what the consequences are if my solicitor is expelled from the HSBC Solicitor panel ahead of completing my conveyancing in Bilston?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
The deeds to our home are lost. The conveyancers who did the conveyancing in Bilston 10 years ago are no longer around. What are my next steps?
You no longer need to have the physical deeds to prove you are the owner of your registered land or premises, given that the Land Registry hold details of all registered land or property electronically.
I have been on the look out for a flat up to £245,000 and found one near me in Bilston I like with a park and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Bilston suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities 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 consult your conveyancing lawyer concerning this.
I am attracted to a two flats in Bilston both have approximately 50 years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Bilston is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bilston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Bilston Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
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Does the lease have onerous restrictions? The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy control and even though a managing agent is usually retained if it is bigger than a house conversion, the managing agent employed by the leaseholders.
I pay a service charge for my appartment in Bilston. Due to losing my job and other issues I fell behind with remittance. I negotiated a clearance plan but there remains approximately £2000 outstanding at the current time.
I now wish to dispose of the property and I am nervous that this could hold me back if I have to pay off the amount due in advance. Do I have to settle before - is this possible?
Do clarify with the lawyer dealing with your Bilston conveyancing but it might be possible to agree for the arrears to be transferred to the purchasers. The final price payable would be adjusted to reflect the amount of debt they take on. They would then pay the fees following completion of the sale.