The owners have rather brash sellers who has insisted on a exclusivity contract with a deposit 6,000. Are such agreements sensible?
This form of arrangement isn't common in Forest Hall, conveyancers will often try and steer clients away from them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the vendor has signed an exclusivity contract they will sell to you. They may be motivated to break the contract if they receive a big enough financial inducement to do so because a wronged party with the benefit of a exclusivity agreement will still be obliged show losses as a consequence of the breach and these may not equalise the financial benefit that your seller may secure by breaching the contract, no matter how morally condemnable it undoubtedly is.
Are all Forest Hall Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
Some major lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
When it comes to lenders such as UBS, do Forest Hall property lawyers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have finally had an offer on a flat in Forest Hall agreed to, but there is a chain. The vendors have offered on somewhere, however it’s not yet agreed to, and have viewings of other properties in the pipeline. I have instructed a nearby conveyancing solicitor in Forest Hall. What should be my next step? At what stage do I apply for the mortgage with UBS?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of £1k, then survey, Forest Hall conveyancing search costs, etc). The first thing to do is ensure that your property lawyer is on the UBS approved list. Concerning the subsequent steps this very much dictated by the uniqueness of your transaction, desire for this property and on the state of the market. During a rising market some home buyers will apply for the mortgage with UBS and arrange for the valuation and only if it comes back ok would they ask their lawyer to move forward with searches.
three months have gone by following my purchase conveyancing in Forest Hall concluded. I have checked the Land Registry site which shows that I paid £175,000 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.
I have been on the look out for a flat up to £195,000 and found one near me in Forest Hall I like with open areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Forest Hall for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the shortness of the lease will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Given that I am about to part with over three hundred thousand on 3 bedroom house in Forest Hall I wish to talk to a lawyer concerning thehouse move before giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be doing your conveyancing in Forest Hall.There is no ‘factory style conveyancing’ - each client is an important individual, not a case reference. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Forest Hall should be the figure that you end up paying.
I am expecting to exchange on the purchase a property in Forest Hall but as a result of wreckage from the recent storms I have agreed recompense from the vendor of £2k by way of a reduction in the price. This was going to be addressed as part of the conveyancing process but my mortgage company will not agree to this. Why were they notified?
The property lawyer that is on the lender approved list is required to advise the mortgage company of any variations to the sale amount. If you were to refuse your conveyancing practitioner to report the reduction to your lender then they would need to refrain from acting for you and the lender.