The vendors of the property we are purchasing are using a conveyancing solicitor in Johnstown who has suggested a exclusivity contract with a payment two thousand pounds. Are such agreements sensible?
This kind of preliminary agreement is not the norm in Johnstown, conveyancers will often encourage clients away from them as they divert attention from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the seller has signed an exclusivity contract they will sell to you. They may be in contravention of the agreement if they receive sufficient offer to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still be legally obliged to show losses as a consequence of the breach and this may not equalise the financial benefit that the owner may obtain by reneging on the contract, no matter how morally unworthy the behaviour is.
My wife and I purchased a terraced Georgian house in Johnstown. Conveyancing solicitor represented me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Johnstown and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing solicitor who conducted the purchase.
I am purchasing my first flat in Johnstown with the aid of help to buy. The developers refused to budge the price so I negotiated 6k of extras instead. The estate agent advised me not inform my solicitor about this deal as it will adversely affect my loan with the lender. Should I keep quiet?.
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.
Over the last few months I have been searching for a flat up to £305k and found one round the corner in Johnstown I like with open areas and railway links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Johnstown suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
How do I use your search facility to find a conveyancing lawyer in Johnstown on the panel for my mortgage?
First select a mortgage company such as Halifax, Coventry Building Society or Barclays Direct then choose your location a common one being Johnstown. Conveyancing firms in Johnstown and across England and Wales should be identified.
There are only Fifty years left on my flat in Johnstown. I now wish to extend my lease but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you have done all that could be expected to locate the freeholder. In some cases a specialist would be helpful to carry out a search and prepare an expert document which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Johnstown.
Johnstown Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
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Where a Johnstown lease has fewer than eighty years it will affect the value of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of how much this will be. For most Johnstownlease extensions you will need to own the property for 24 months before you are eligible to extend the lease. It is important to be aware whether a new roof is being installed or some other significant cost is due shortly that will be shared between the leasehold owners and may well dramatically impact the level of the service costs or result in a specific invoice. Can you tell me if there are any major works in the planning that will likely increase the maintenance charges?