The sellers of the property we are purchasing have instructed a conveyancing practitioner in Enfield Highway who has insisted on a preliminary agreement with a non-refundable deposit 10k. Are such agreements sensible?
There are a couple of primary drawbacks with signing a lock out agreement (also referred to as an exclusivity agreement) is that it takes away the focus from moving forward with the conveyancing process, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not promoted by Enfield Highway conveyancing practitioners for this reason. A further issue is the extent of the remedies available - an aggrieved buyer should not expect to be granted an injunctive ruling by a court to bar the vendor completing the sale to an alternative purchaser, so the only remedy available under the contract will be the recovery of wasted charges and, in restricted scenarios, the additional payment of damages.
Why do I have to pay up front for conveyancing in Enfield Highway?
Where you are retaining lawyers for conveyancing in Enfield Highway your lawyer will request that you put them with funds to cover the search fees. Ordinarily this is called for to cover the fees of the conveyancing searches. When the deposit is as part of the sale price then this should be required immediately ahead of contracts are exchanged. Any further balance that is due should be sent to your lawyer a couple of days ahead of the day of completion.
My wife and I have arranged the release of further funds on our mortgage from Aldermore as we want to conduct alterations to our house in Enfield Highway. Are we obliged to select a local Enfield Highway solicitor on the Aldermore conveyancing panel to handle the paperwork?
Aldermore do not ordinarily require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
Last month we had a mortgage agreed in principle with Principality. Enfield Highway conveyancing solicitors are chosen. How long does it take for Principality to send the offer to the solicitor?
Some lenders take longer than others. Have Principality completed the valuation? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have a mortgage with Aldermore for my property in Enfield Highway. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval in advance of renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
What will a local search inform me concerning the property I am purchasing in Enfield Highway?
Enfield Highway conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for example Searches UK The local search is essential in every Enfield Highway conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
How does conveyancing in Enfield Highway differ for newly converted properties?
Most buyers of new build property in Enfield Highway contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Enfield Highway typically buy the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Enfield Highway or who has acted in the same development.
I work for a long established estate agency in Enfield Highway where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Enfield Highway conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Enfield Highway. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to assess the premium.
An example of a Vesting Order and Purchase of freehold matter before the tribunal for a Enfield Highway flat is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The number of years remaining on the existing lease(s) was 80.01 years.