The owners of the house we are looking to purchase have appointed a conveyancing firm in Longthorpe who has suggested a exclusivity contract with a payment 10k. Is it wise to enter into such agreements?
Lock out contracts are agreements between a property owner and purchaser giving the buyer exclusive rights to the sale of the premises within a prescribed time frame. For all intents and purposes, an exclusivity is a document stating that you should have a contract at a later time which is the contract for the actual sale. It is generally utilised for buyer assurance though in many situations, the owner may stand to benefit from such agreements as well. There are various positives and negatives to using them but you should to check with your conveyancer but beware that it may result in costing you extra in conveyancing charges. In light of this these contracts are unusual when it comes to conveyancing in Longthorpe.
I am the registered owner of a freehold house in Longthorpe but nevertheless pay rent, why is this and what is this?
It is rare for properties in Longthorpe and has limited impact for conveyancing in Longthorpe 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 new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Please help - my lawyer says that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Longthorpe?
The right level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Does a directory service exist listing Coventry BS panel solicitors in Longthorpe on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. A small selection of banks make their panel listings open the public over the internet. If you are in need of a Longthorpe conveyancing practitioner on the Coventry BS please make the most of our tool.
Our offer on a detached house in Longthorpe has been agreed to, but there is a chain. The vendors have offered on somewhere, but it’s not yet tied up, and are looking at other properties in the pipeline. I have instructed a local conveyancing solicitor in Longthorpe. What do I do now? When should I get the mortgage application with Coventry BS started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then survey, Longthorpe conveyancing search charges, etc). First, you should ensure that your conveyancer is on the Coventry BS conveyancing panel. As to the next phase this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. In a buoyant market many home buyers will apply for the mortgage with Coventry BS and arrange for the valuation and only if it comes back ok would they pay their solicitor to proceed with the conveyancing in Longthorpe.
My partner and I are close to exchanging contracts on the sale of our house in Longthorpe and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any local lawyer would know this is not the case. For the life of me I don't know why the purchasers are using a factory type conveyancing firm as opposed to a conveyancing solicitor in Longthorpe. Having lived in Longthorpe for three years we know of no issue. Should we get in touch with our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I have been on the look out for a flat up to £245,000 and identified one round the corner in Longthorpe I like with open areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Longthorpe suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated 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 could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
What tools are available to identify a Longthorpe solicitor on the Halifax conveyancing panel? I have wheels and am prepared to travel upto 25miles to meet the lawyer.
You can use the search on this website. Please select a mortgage company and your location and you will see a number of Longthorpe conveyancing lawyers locally. We have detailed some Longthorpe conveyancing firms at the bottom of this page and you can call them to check whether they are on the Halifax approved list