We have very assertive vendors who has recommended a lock out agreement with a down payment two thousand pounds. Are such agreements sensible?
Lock out contracts are agreements binding a home seller and prospective acquirer giving the buyer the sole right to the sale of the property for a certain period of time. Essentially, a lock out agreement is a contract specifying that you will be issued with a contract at a later time being the main conveyancing contract. It tends to be used for buyer confidence though in many situations, the owner may enjoy an upside from such agreements as well. There are various pros and cons to using an agreement but you need to check with your conveyancer but note that it may result in incurring extra in conveyancing charges. For these reasons these agreements are rare when it comes to conveyancing in Heaton.
I purchased a freehold residence in Heaton but nevertheless charged rent, why is this and what is this?
It is rare for properties in Heaton and has limited impact for conveyancing in Heaton 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 have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Are all Heaton Conveyancing Quality Solicitors on the Clydesdale conveyancing panel?
A selection of lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
After weeks of negotiation I have agreed a price on a house in Heaton. My financial adviser suggested a conveyancing practitioner. I paid an upfront payment of £200. Soon after, the solicitor contacted me embarrassingly acknowledging that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am selling my apartment. I had a double glazing fitted in October 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Skipton are being a right pain. The Heaton solicitor who is on the Skipton conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am buying a new build house in Heaton with the aid of help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not disclose to my solicitor about this side-deal as it would put at risk my loan with Chelsea Building Society. Do I keep my lawyer in the dark?.
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 am a fortnight into a freehold purchase having been referred to a firm by the local agent to carry out the conveyancing in Heaton. I am not happy. Could you help me find new solicitors?
They would have to be very bad to suggest replacing them. Has your mortgage offer been generated? In the event that it has you will need to make them aware of the replacement conveyancer and get the offer are issued to the new lawyers. Your conveyancer needs to be on the banks panel to avoid added charges and frustration. That should be your starting point. The search tool can help you find a lender approved solicitor for your conveyancing in Heaton
Last March I purchased a leasehold property in Heaton. Do I have any liability for service charges for periods before my ownership?
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 own a 1 bedroom flat in Heaton, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Heaton with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2102
With only 77 years unexpired the likely cost is going to be between £7,600 and £8,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.