The owners have rather pushy vendors who has recommended a lock out agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
This kind of agreement isn't frequently used in Hartlebury, conveyancers are not keen on them as they detract from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the owner has executed an exclusivity contract they will complete the sale with you. They may be in contravention of the agreement if they are offered a big enough financial inducement to do so because an aggrieved purchaser with the benefit of a exclusivitycontract will still have to show losses as a consequence of the breach and this may not amount to the financial benefit that the owner may gain by reneging on the contract, no matter how morally shameful that may be.
I purchased a freehold residence in Hartlebury but nevertheless pay rent, why is this and what is this?
It is rare for properties in Hartlebury and has limited impact for conveyancing in Hartlebury but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am in the process of remortgaging my apartment in Hartlebury, does my lawyer have to be on the Nottingham Conveyancing panel?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
What can a local search reveal about the property my wife and I purchasing in Hartlebury?
Hartlebury conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search plays a central part in most Hartlebury conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I am buying my first flat in Hartlebury with the aid of help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not reveal to my conveyancer about the side-deal as it may impact my loan 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.
I opted to have a survey done on a property in Hartlebury prior to appointing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies may refuse to give a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hartlebury. Conveyancing may be slightly more expensive based on your lender's requirements.