The vendors of the home we are looking to purchase have appointed a conveyancing practitioner in Marshfield who has suggested a exclusivity contract with a deposit two thousand pounds. Is it wise to enter into such agreements?
There are a couple of main drawbacks with entering into any lock out agreement (also known as an exclusivity agreement) is that it can distract from making progress with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it could turn out to be unhelpful. It is not particularly popular by Marshfield conveyancing practitioners for this reason. A supplemental concern is the extent of the remedies available - a jilted purchaser is not likely to be issued with an injunctive ruling by a court to bar the vendor completing the sale to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of abortive costs and, in restricted circumstances, the additional payment of penalties.
I have a mortgage with Skipton for my property in Marshfield. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval in advance of renting your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
After weeks of negotiation I have agreed a price on a house in Marshfield. My financial adviser suggested a property lawyer. I paid an on account payment of £225. A few days later, the property lawyer contacted me to say that they were not on the Barclays 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 Barclays 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 due to exchange contracts on my house. I had a double glazing fitted in June 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nationwide are being pedantic. The Marshfield solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide 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 have been told that property searches are the number one reason for obstruction in Marshfield house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Marshfield.
My wife and I purchased a 4 bedroom Georgian property in Marshfield. Conveyancing solicitor represented me and Halifax. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the matching property. Is it worth asking Halifax to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Marshfield and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing lawyer who carried out the work.
Completion is due on our sale of a £275,000 garden flat in Marshfield in just under a week. The freeholder has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Marshfield?
For the majority of leasehold sales in Marshfield conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-contract questions
Where consent is required before sale in Marshfield
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a 1st floor flat in Marshfield, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Marshfield with an extended lease are worth £175,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2082
With only 58 years left to run we estimate the price of your lease extension to range between £23,800 and £27,400 plus 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 renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
I am buying a house with all finances in place. I have provided conveyancer with two distinct forms of photo identification, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer acknowledging that the money is legitimate and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Marshfield conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.