We have very assertive vendors who has suggested a exclusivity contract with a payment 10k. Is it wise to enter into such agreements?
There are two main concerns with signing a lock out agreement (sometimes termed a no-shop agreement) is that it can distract from moving forward with the conveyancing transaction itself, so in the absence of it needing minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted amongst Langham conveyancing lawyers for this reason. A further concern is the extent of the remedies available - an aggrieved purchaser is not likely to win injunctive relief to bar the seller selling to a third party, so the only remedy open via the agreement will be the reimbursement of wasted costs and, in limited situations, the additional payment of damages.
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Langham with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am buying a new build flat in Langham. Conveyancing is necessary evil 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 is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Langham
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants.
Due to the guidance of my in-laws I had a survey completed on a house in Langham prior to instructing conveyancers. I have been informed that there is a flying freehold element to the property. My surveyor advised that some mortgage companies will refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Langham. Conveyancing will be smoother if you use a solicitor in Langham especially if they regularly deal with such properties in Langham.
Last September I purchased a leasehold house in Langham. 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 basement flat in Langham, conveyancing was carried out June 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Langham with a long lease are worth £195,000. The ground rent is £45 levied per year. The lease ends on 21st October 2089
You have 63 years remaining on your lease the likely cost is going to range between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I am expecting to complete on the purchase a property in Langham but as a result of wreckage from the recent storms I have negotiated compensation from the owner of five thousand pounds in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but the lender will not permit this. Should they have been approached?
Your property lawyer that is on the mortgage company approved list is obliged to disclose to the bank of any amendments to the sale figure. In the event that you were to refuse your lawyer to notify the price change to your bank then they would need to refrain from representing you and the bank.