The owners of the property we are purchasing have instructed a conveyancing solicitor in Herne Bay who has suggested a exclusivity agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are a couple of main drawbacks with entering into any lock out agreement (occasionally referred to as a no-shop agreement) is that it diverts attention away from moving forward with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be a hindrance. It is not strongly advocated amongst Herne Bay conveyancing solicitors for this reason. A supplemental negative is the extent of the remedies available - an aggrieved purchaser is not likely to obtain an injunctive ruling by a court to bar the vendor disposing of the property to a third party, so the only remedy available under the agreement will be the reimbursement of abortive costs and, in rare scenarios, the extra payment of damages.
I just acquired a flat at auction in Herne Bay. Conveyancing is needed. What happens now?
Given that you have now for in every practical sense signed on the dotted line you will need to find a conveyancing lawyer as a matter of urgency as you are facing a tight a fixed date to complete the purchase. An auction property should have an associated legal set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You should pass this on to the lawyer instructed by you as soon as possible. Do make sure that you have funds in place to complete on the on the contractual date .
I am due to exchange contracts on my apartment. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, TSB are being a right pain. The Herne Bay solicitor who is on the TSB conveyancing panel is happy to accept ‘lack of building regulation’ insurance but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB 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 was told two weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Herne Bay is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I'm purchasing a new build house in Herne Bay with a mortgage from Birmingham Midshires. The sellers would not budge the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not inform my solicitor about the deal as it would adversely affect my mortgage 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 am looking for a ground for flat up to £235,500 and identified one near me in Herne Bay I like with open areas and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Herne Bay in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
My partner and I may need to sub-let our Herne Bay 1st floor flat for a while due to a new job. We used a Herne Bay conveyancing practice in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Herne Bay do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Leasehold Conveyancing in Herne Bay - Sample of Queries before Purchasing
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How is the lease structured? Who are the managing agents? Is anyone aware of any major works in the planning that could add a premium to the service costs?
It's been quite a while since I last sold a house. Searching on the web suggests that the costs vary significantly. Can you suggest a cheap Herne Bay lawyer that can act for me as well as represent Nottingham?
LenderPanel.com is restricted to being a directory service for conveyancing practitioners who wish to be listed as being on the approved conveyancing panel for Nottingham in certain areas for example Herne Bay . We dont recommend any specific lawyer.