The vendors of the home we are purchasing hired a conveyancing firm in Farnham Common who has suggested a exclusivity agreement with a down payment 6,000. Are such agreements sensible?
This type of contract isn't frequently used in Farnham Common, conveyancers are often inclined to direct clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. Secondly, there is no guarantee that just because the proprietor has entered into a lock out agreement they will sell to you. They may be in contravention of the agreement if they receive sufficient incentive to do so because a wronged purchaser with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and these may not equalise the extra amount that your vendor may gain by breaching the agreement, however morally condemnable that may be.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Farnham Common. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 2/5/2025, the requirements read as follows :
I am purchasing my first flat in Farnham Common with the aid of help to buy. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not disclose to my lawyer about the side-deal as it would put at risk my mortgage with the bank. 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 opted to have a survey completed on a property in Farnham Common in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies may not give a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Farnham Common. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Farnham Common to see if the conveyancing costs will increase in light of this.
Should I instruct a Farnham Common conveyancing practitioner based in the area that I am purchasing? We have a good friend who can carry out the legal work but her office is 300kilometers drive away.
The benefit of a high street Farnham Common conveyancing practice is that you can attend the office to sign documents, present your ID and apply pressure on them if necessary. Having local Farnham Common know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and they were impressed that must outweigh using an unfamiliar Farnham Common conveyancing solicitor just because they are round the corner.
I am tempted by the attractive purchase price for a two apartments in Farnham Common both have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorates and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
I own a garden flat in Farnham Common, conveyancing having been completed 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? Similar flats in Farnham Common with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2097
With only 72 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.