We have rather pushy sellers who has suggested a lock out agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property owner and prospective buyer giving the buyer a ‘clear field’ to purchase the premises within a prescribed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you should receive a contract at a later time which is the main conveyancing contract. It is generally used for buyer confidence though in many situations, the seller may stand to benefit from such agreements as well. There are many positives and negatives to having them but you need to check with your lawyer but beware that it may result in costing you extra in conveyancing fees. For these reasons these contracts are avoided when it comes to conveyancing in East Beckton.
We are planning to acquire a house and need a conveyancing solicitor in East Beckton who is on the HSBC conveyancing panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in East Beckton.
Should my conveyancer be making enquiries about flooding as part of the conveyancing in East Beckton.
Flooding is a growing risk for solicitors carrying out conveyancing in East Beckton. Some people will purchase a property in East Beckton, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in East Beckton. The standard property information forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to determine whether the property has suffered from flooding. If flooding has previously occurred which is not revealed by the seller, then a purchaser could issue a compensation claim resulting from an misleading response. The purchaser’s solicitors should also carry out an enviro report. This will disclose whether there is any known flood risk. If so, additional inquiries will need to be initiated.
4 months have elapsed following my purchase conveyancing in East Beckton took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the guidance of my in-laws I had a survey completed on a house in East Beckton prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in East Beckton. Conveyancing may be slightly more expensive based on your lender's requirements.
I am intending to rent out my leasehold apartment in East Beckton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous East Beckton conveyancing solicitor is no longer available you can check your lease to check if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to obtain consent via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord for their consent.
Following years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in East Beckton. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a East Beckton conveyancing firm who can help.
An example of a Lease Extension decision for a East Beckton flat is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The unexpired lease term was 69.77 years.