We have rather assertive vendors who has suggested a preliminary contract with a down payment 6,000. Are such agreements sensible?
Exclusivity agreements are contracts binding a home seller and prospective acquirer granting the buyer the sole right to purchase the property within a prescribed time frame. For all intents and purposes, an exclusivity is a document specifying that you will be issued with a contract at a later date which is the main conveyancing contract. It is generally used for buyer assurance though in many situations, the owner may stand to benefit from such agreements as well. There are many pros and cons to having an agreement but you should to check with your solicitor but beware that it may end up costing you extra in conveyancing fees. In light of this these contracts are rare when it comes to conveyancing in Hartburn.
Is there a search tool that I can use to find out if the solicitor conducting my conveyancing in Hartburn is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for The Royal Bank of Scotland thus spending £187.00 plus VAT in supplemental conveyancing invoice.
Please do take advantage of the find a lender approved solicitor tool on this site. Pick the mortgage company and type ‘Hartburn’ or your location and you will discover a number of lawyer located in Hartburn or by proximity to you.
About to purchase a new build flat in Hartburn. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Hartburn
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Hartburn I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Hartburn for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My husband and I are 17 days into a freehold purchase having been directed to solicitors by the selling agent to carry out the conveyancing in Hartburn. We are not happy. Could you you assist me in finding new lawyers?
They would need to be very bad in order to consider diss instructing them. Has your mortgage been generated? In the event that it has you will need to inform them of the new lawyer and ensure the offer are re-sent. Your conveyancer should be on the mortgage company approved list to avoid escalating fees and delays. That should be your first question of the new lawyers. The find a solicitor tool should assist you in finding a bank approved conveyancer for your conveyancing in Hartburn
What are the common deficiencies that you witness in leases for Hartburn properties?
There is nothing unique about leasehold conveyancing in Hartburn. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain elements of the premises
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
I purchased a leasehold flat in Hartburn, conveyancing having been completed August 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Hartburn with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2091
With 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 as well as professional fees.
The suggested premium range 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 investigations. You should not use the figures 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 should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.