The vendors of the house we are hoping to buy are using a conveyancing firm in Fenstanton who has insisted on a preliminary agreement with a down payment 10k. Is it wise to enter into such agreements?
This kind of agreement isn't frequently used in Fenstanton, conveyancers are not keen on them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no guarantee that just because the seller has signed an exclusivity agreement they will complete the sale with you. They may be motivated to break the agreement if they are offered a big enough financial inducement to do so because an aggrieved claimant with the benefit of a lockoutcontract will still have to establish consequential losses from the breach and these may not equalise the financial upside that your vendor may obtain by breaking the contract, however morally shameful it undoubtedly is.
three months have gone by since my purchase conveyancing in Fenstanton completed. I have checked the Land Registry site which shows that I paid £200,000 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 property 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.
I am buying a new build house in Fenstanton with the aid of help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not inform my solicitor about this side-deal as it will impact my mortgage 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.
My father has encouraged me to appoint his conveyancers in Fenstanton. Do I follow his advice?
Much as we are happy to recommend a Fenstanton conveyancing lawyer it’s preferable to select a conveyancing solicitor is to have feedback from friends or relatives who have actually experience in using the conveyancer that you are are thinking of instructing.
My wife and I purchased a leasehold house in Fenstanton. Conveyancing and Clydesdale mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Fenstanton who previously acted has long since retired. Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Fenstanton conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a split level flat in Fenstanton, conveyancing formalities finalised 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Fenstanton with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2087
With only 62 years remaining on your lease we estimate the price of your lease extension to range between £17,100 and £19,800 as well as professional fees.
The figure 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 comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.