We have rather pushy sellers who has suggested a preliminary agreement with a payment 10k. Is it wise to enter into such agreements?
There are two main concerns with signing a lock out agreement (also referred to as a shut-out contract) is that it can distract from progressing with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not promoted amongst Bishops Cleeve conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - an aggrieved purchaser is not likely to be granted injunctive relief to stop the owner disposing of the property to another buyer, so the only remedy open via the agreement will be the reimbursement of wasted charges and, in limited scenarios, the additional payment of damages.
I am expecting a DIP from Skipton this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Skipton recommend any Bishops Cleeve solicitors on the Skipton conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Bishops Cleeve solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
My wife and I are at the point of looking at apartments in Bishops Cleeve and I am about to put in an offer. Should I already have a solicitor appointed at this stage? I will be getting a mortgage with HSBC.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are seeking a mortgage with HSBC, make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
I have instructed a Bishops Cleeve lawyer having checked that they are on the Nottingham conveyancing panel. Does my lawyer arrange the survey of the property?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Bishops Cleeve surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Bishops Cleeve?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Bishops Cleeve. 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…’
Just had an offer accepted on a new build flat in Bishops Cleeve. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Bishops Cleeve
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are architect prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Bishops Cleeve is the location of the property. Is there any advice you can give?
Flying freeholds in Bishops Cleeve are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bishops Cleeve you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bishops Cleeve 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 residence.
I have just started marketing my 2 bed flat in Bishops Cleeve. Conveyancing is yet to be initiated, but I have recently had a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as usual because all ground rent and maintenance payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a leasehold flat in Bishops Cleeve, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Bishops Cleeve with an extended lease are worth £165,000. The ground rent is £50 per annum. The lease terminates on 21st October 2102
You have 77 years unexpired we estimate the price of your lease extension to span between £7,600 and £8,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.