The vendors of the home we are purchasing are using a conveyancing solicitor in Chandlers Ford who has insisted on a exclusivity contract with a deposit 6,000. Is it wise to enter into such agreements?
There are a couple of main downsides with signing a lock out contract (occasionally termed an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing process, so in the absence of it needing limited or no negotiation then it could turn out to be a hindrance. It is not strongly advocated by Chandlers Ford conveyancing solicitors as a result. A further concern is the extent of the remedies available - a jilted buyer should not expect to obtain an injunction to bar the seller selling to a third party, so the only remedy available under the agreement will be the reimbursement of abortive costs and, in limited scenarios, the extra payment of damages.
Do lenders provide you with an approved list of Chandlers Ford conveyancing solicitors? How do you know who is on the Principality conveyancing panel?
Chandlers Ford conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
When it comes to mortgage companies such as Yorkshire BS, do Chandlers Ford property lawyers face a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
is it true that all Chandlers Ford solicitor practices on the Yorkshire BS conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do list licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
Nottingham have agreed my home loan in principle, my bid on a property in Chandlers Ford has been accepted, what are the next steps?
The estate agent will want to know who your solicitors are (make sure the conveyancers are on the lender’s panel). Telephone Nottingham or the financial adviser and finish off any relevant paperwork. Nottingham will instruct a valuer who will get in contact with the estate agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. Nottingham will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Chandlers Ford.
Just bought a semi-detached house in Chandlers Ford , What is the estimated time for the Land Registry to record my ownership? My Chandlers Ford conveyancing solicitor works at snail pace, so I want to be sure that my ownership is registered.
As far as conveyancing in Chandlers Ford is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can differ subject to the party submitting the application, whether there are errors and whether the Land registry need to notify any interested persons or bodies. Currently roughly 80% of submission are fully dealt with in less than three weeks but occasionally there can be extensive delays. Registration takes place once the new owner is living at the property thus 'speed' is not typically top priority yet where there is a degree of urgency associated with the registration then you or your solicitor can speak with the land registry and explain the circumstances.
I'm purchasing my first flat in Chandlers Ford with a loan from Birmingham Midshires. The builders refused to reduce the amount so I negotiated 6k of extras instead. The sale representative told me not disclose to my conveyancer about this extras as it could adversely affect my loan with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am attracted to a two flats in Chandlers Ford both have approximately 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Chandlers Ford is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chandlers Ford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Chandlers Ford Leasehold Conveyancing - Examples of Queries before buying
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On the whole the outlay for major works tend not to be incorporated into the service charges, albeit that some managing agents in Chandlers Ford ask leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for larger works. How long is the Lease? How many of the leaseholders are in arrears for their maintenance charge payments?