We have very pushy vendors who has suggested a exclusivity agreement with a deposit two thousand pounds. Is it wise to enter into such agreements?
Exclusivity agreements are contracts binding a home seller and prospective acquirer granting the buyer the sole right to the sale of the premises for a set period of time. Essentially, a lock out is a document stating that you will receive a contract at a later time which is the main conveyancing contract. It is generally used for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are various positives and negatives to having an agreement but you need to check with your conveyancer but note that it may end up costing you more in conveyancing fees. In light of this these contracts are unusual in relation to conveyancing in Grantham.
Having sold my house in Grantham last March but our buyer keeps texting every few hours to say her lawyer needs to hear from mysolicitor. What are the post completion sale formalities following completion?
Following your sale your conveyancer is obliged to forward the transfer documentation and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your conveyancer must also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers lawyers. There are no post completion procedures unique to conveyancing in Grantham.
A relative advised me that if I am purchasing in Grantham I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Grantham conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Grantham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Grantham Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Grantham.
I'm buying a new build house in Grantham benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The property agent advised me not reveal to my solicitor about the side-deal as it would jeopardize my loan with the lender. 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.
What does commercial conveyancing in Grantham cover?
Non domestic conveyancing in Grantham covers a wide array of advice, provided by qualified solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I've recently bought a leasehold flat in Grantham. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a basement flat in Grantham, conveyancing formalities finalised 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? Corresponding properties in Grantham with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2086
With only 61 years left to run we estimate the premium for your lease extension to span between £19,000 and £22,000 as well as costs.
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 without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.