The vendors of the house we are looking to purchase are using a conveyancing solicitor in Bollington who has insisted on a preliminary agreement with a deposit two thousand pounds. Is it wise to enter into such agreements?
This kind of contract is not the norm in Bollington, conveyancers are not keen on them as they detract from focusing on the primary focus, namely conveyancing and if you end up having your deposit forfeited then the solicitor is left exposed. Secondly, there is no assurance that just because the seller has signed a lock out agreement they will sell to you. They may be in contravention of the contract if they receive a big enough incentive to do so because an aggrieved purchaser with the benefit of a exclusivitycontract will still be duty bound to show losses as a consequence of the breach and these may not equate the financial benefit that your vendor may gain by breaching the agreement, no matter how morally condemnable that may be.
Have just purchased a probate house at auction in Bollington. Conveyancing is needed. What happens now?
Now that you have legally bound yourself to purchase you now have to appoint a conveyancing practitioner soon as you are facing a pending deadline in which to complete the conveyancing. Every auction property should have a corresponding auction pack. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the legal papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You should pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in place to complete the transaction on the set completion date.
I am the single recipient of my late mum's will and I have everything in my name alone, including the my former home in Bollington. The Bollington property was put into my name in March. I want to move. I do know about the CML six month 'rule', meaning my proprietorship may be regarded the same way as though I had purchased the house in March. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. many banks would take a practical view as this requirement is principally there to identify subsales or the quick reselling of properties.
After months of negotiation I have agreed a price on an apartment in Bollington. My mortgage broker suggested a property lawyer. I paid an advanced payment of £225. Shortly after, the solicitor called me sheepishly admitting that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Bollington I like with open areas and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Bollington suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I'm converting the mortgage on my primary house to a buy to let loan with Virgin Money and intend to use the remaining equity as a down payment on a second property. The area we are talking about is Bollington. Will your conveyancers be able to act for the two mortgage companies and link together the two deals?
Do use our comparison tool on this site to be sure that the conveyancers are on the appropriate lender panels. Having checked that they are your lawyer will be able to connect the two conveyancing matters but you should have a chat with you lawyer and make clear your desired outcome and requirements.
My step-father has suggested that I instruct his conveyancing solicitors in Bollington. Should I find my own property lawyer?
No doubt the ideal way to find a conveyancing practitioner is to have feedback from friends or family who have actually used the solicitor you're considering.
Last December I purchased a leasehold flat in Bollington. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 1 bedroom flat in Bollington, conveyancing formalities finalised August 2010. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Bollington with over 90 years remaining are worth £255,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2098
With 73 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.