We have rather pushy vendors who has insisted on a preliminary agreement with a non-refundable deposit of 5k. Are such agreements sensible?
Exclusivity agreements are contracts between a home seller and prospective buyer granting the buyer the sole right to the sale of the property for a set period of time. For all intents and purposes, a lock out is a document stating that you should be issued with a contract at a later date being the main conveyancing contract. It tends to be utilised for buyer protection though in many situations, the owner may stand to benefit from such agreements as well. There are numerous pros and cons to using them but you should to check with your lawyer but beware that it may end up costing you extra in conveyancing charges. For these reasons these agreements are not popular when it comes to conveyancing in Birchgrove.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Lloyds Conveyancing panel ahead of completing my conveyancing in Birchgrove?
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.
Can you point me to a directory of UBS panel solicitors in Birchgrove on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings visible online. Where you are in need of a Birchgrove conveyancer on the UBS please use our facility.
I am due to exchange contracts on my flat. I had a double glazing fitted in August 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Barclays are being difficult. The Birchgrove solicitor who is on the Barclays conveyancing panel is recommending indemnity insurance as a solution but Barclays are insisting on a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Our sealed bid on a semi in Birchgrove has been accepted, the vendors do nevertheless have an associated purchase. The vendors have offered on a flat, however it’s not yet agreed to, and are looking at other apartments in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Birchgrove. What should be my next step? At what stage do I apply for the mortgage with Clydesdale?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx £1k, then survey, Birchgrove conveyancing search fees, etc). First, you should ensure that your conveyancing practitioner is on the Clydesdale approved list. As to the next steps this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a hot market some purchasers will apply for a home loan with Clydesdale and pay for the valuation and only if it was satisfactory would they request their property lawyer to move forward with the conveyancing in Birchgrove.
My wife and I purchased a renovated Georgian house in Birchgrove. Conveyancing lawyer represented me and National Westminster Bank. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold with the matching address. Is it worth asking National Westminster Bank to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Birchgrove and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with your conveyancing lawyer who completed the work.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Birchgrove is where the house is located. Can you offer any opinion?
Flying freeholds in Birchgrove are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Birchgrove you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Birchgrove may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am looking at a two apartments in Birchgrove which have approximately forty five years remaining on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.
I invested in buying a 1st floor flat in Birchgrove, conveyancing was carried out April 2000. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Birchgrove with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2100
With only 76 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.