The sellers of the property we are looking to purchase have instructed a conveyancing firm in Cringleford who has recommended a exclusivity contract with a deposit of 5k. Is it wise to enter into such agreements?
Exclusivity agreements are agreements binding a property owner and prospective buyer giving the buyer the sole right to purchase the property for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you should be issued with a contract at a later date being the contract for the actual sale. It tends to be used for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are various positives and negatives to using an agreement but you should to check with your conveyancer but beware that it may end up incurring more in conveyancing fees. For this these agreements are unusual in relation to conveyancing in Cringleford.
Do I have to have a meeting at the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Cringleford so that I can attend their offices if required.
Whereas this was necessary 15 years ago, almost all banks no longer require their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to hand over ID documents and there are still distinct benefits to instructing a local ayer, in your case a conveyancing solicitor in Cringleford.
I am purchasing a new build house in Cringleford with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not disclose to my solicitor about this extras as it could impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 four weeks into a leasehold purchase having been directed to a firm by the estate agent to carry out the conveyancing in Cringleford. We are not happy. Could you you assist me in finding new solicitors?
A solicitor would need to be very bad to suggest diss instructing them. Has the mortgage offer been generated? If so you must inform them of the replacement conveyancer and have the mortgage documents are re-sent. Your new solicitor ideally should be on the banks panel to avoid supplemental expenses and frustration. So that should be your starting point. The search tool should assist you in finding a lender approved solicitor for your home move in Cringleford
I've recently bought a leasehold flat in Cringleford. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 invested in buying a basement flat in Cringleford, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Cringleford with an extended lease are worth £191,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2078
You have 53 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
My parents cant seem to find their Cringleford property on the HM Land Registry site. They recall that back in the 60’s when they bought the house there were complications with Cringleford not being identified on some systems.
The vast majority of properties in Cringleford should show up. Have you tried a search with simply the postcode. Normally it should disclose all the houses and flats inside that postcode. Where registered it will be there with a title number. If they bought sixty years ago it's conceivable it may be not yet registered. The property may still be revealed but with the title number identified as 'na'. In this scenario you will need to find the original title documentation which might be with your parent’s lender.