We have rather assertive sellers who has insisted on a lock out agreement with a down payment two thousand pounds. Are such agreements sensible?
There are two primary downsides with entering into any lock out contract (sometimes referred to as a no-shop agreement) is that it diverts attention away from progressing with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Cann Hall conveyancing solicitors for this reason. A further negative is the extent of the remedies available - a jilted buyer is not likely to obtain injunctive relief to prohibit the vendor completing the sale to a third party, so the only remedy open via the agreement will be the reimbursement of abortive charges and, in restricted circumstances, the additional payment of penalties.
Just had an offer accepted on a new build apartment in Cann Hall. Conveyancing is a frightening process 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 conveyancing.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Cann Hall
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared.
Due to the encouragement of my in-laws I had a survey completed on a property in Cann Hall ahead of instructing lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some lenders will not give a loan on such a house.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cann Hall. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cann Hall to see if the conveyancing will be more expensive.
I am 18 days into a residential purchase having been referred to solicitors by the estate agent to perform conveyancing in Cann Hall. We are not happy. Could you you assist me in finding new lawyers?
A solicitor would need to be very bad in order to consider replacing them. Has the mortgage offer been issued? In the event that it has you need to inform them of the new contact details and ensure the loan are re-sent. The solicitor ideally needs to be on the lenders approved list to avoid added expenses and complications. So that should be your first question of the new lawyers. Our find a solicitor tool can assist you in finding a lender approved lawyer for your conveyancing in Cann Hall
I've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Cann Hall. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Cann Hall are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Cann Hall in which case you should be shopping around for a Cann Hall conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Cann Hall. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Freehold Enfranchisement case for a Cann Hall property is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The unexpired residue of the current lease was 73.92 years.
New build sellers have put forward a conveyancer and I've received an estimate from them. It's nearly three hundred pounds cheaper than my own Cann Hall conveyancing practitioner. What's the catch?
Developers normally have panels of solicitors who are quick and who know the developer’s paperwork and solicitor. As many developers offer an inducement to select their approved conveyancing practitioner for this reason, any increased cost can be avoided and a developer will not put forward a conveyancing warehouse and run the risk of having the conveyancing delayed when they need an exchange inside a month. A counter-argument for not agreeing to use the recommended lawyer is that they may prove hesitant to 'push' your interests for fear of alienating the developer. Where you have concerns that this may be the situation you should stick with your local Cann Hall conveyancer.