The owners have very brash vendors who has suggested a preliminary contract with a down payment 10k. Is it wise to enter into such agreements?
Exclusivity contracts are agreements binding a home seller and purchaser granting the buyer a ‘clear field’ to the sale of the premises within an agreed time frame. Essentially, an exclusivity agreement is a contract specifying that you will have a contract at a later date which is the main conveyancing contract. It tends to be used for buyer protection though in some cases, the owner may stand to benefit from such agreements as well. There are various positives and negatives to using them but you need to check with your lawyer but note that it may result in costing you extra in conveyancing fees. For this these agreements are unusual when it comes to conveyancing in Burnham On Crouch.
I am selling my flat. I had a double glazing fitted in April 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being difficult. The Burnham On Crouch solicitor who is on the Nottingham conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham 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.
I was told three weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Burnham On Crouch is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Our sealed bid on a property in Burnham On Crouch has been accepted, but there is a chain. The owners have put an offer on on an apartment, but it’s not been accepted yet, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Burnham On Crouch. What do I do now? At what point do I apply for the mortgage with Kent Reliance?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of one thousand pounds, then valuation, Burnham On Crouch conveyancing search charges, etc). First, you should ensure that your solicitor is on the Kent Reliance approved list. Concerning the subsequent phase this very much dictated by the uniqueness of your case, motivation for the property and on the state of the market. In a rising market many home buyers will apply for a home loan with Kent Reliance and arrange for the valuation and only if it was satisfactory would they request their conveyancer to press on with the conveyancing in Burnham On Crouch.
How does conveyancing in Burnham On Crouch differ for newly converted properties?
Most buyers of new build premises in Burnham On Crouch come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Burnham On Crouch tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Burnham On Crouch or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Burnham On Crouch I like with amenity areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Burnham On Crouch in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property 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 existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Last September I purchased a leasehold flat in Burnham On Crouch. Am I liable to pay service charges for periods before 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. Strange as it may seem, 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).
Burnham On Crouch Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Are there any major works on the horizon that could add a premium to the service charges? On the whole the outlay for major works are not incorporated into the service charges, albeit that there some managing agents in Burnham On Crouch obliged leaseholders to pay into a reserve fund and this is used to offset against larger repairs or maintenance. The prefered form of lease structure is a share of the freehold. In this situation the leaseholders enjoy control and although a managing agent is usually employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.
I am looking for Burnham On Crouch competitive conveyancing fees. Can I be sure that all the Burnham On Crouch law firms that are listed on your site are on the bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a lender or a member of the public that the data about a specific Burnham On Crouch conveyancing solicitor being on the mortgage company conveyancing panel is not accurate.