We have very pushy vendors who has insisted on a preliminary contract with a deposit 6,000. Are such agreements sensible?
There are two main concerns with entering into any lock out agreement (also known as an exclusivity agreement) is that it can distract from progressing with the conveyancing work, so in the absence of it needing limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not strongly advocated amongst Morpeth conveyancing lawyers for this reason. A supplemental negative is the extent of the remedies available - a jilted buyer is not likely to win an injunctive ruling by a court to bar the owner disposing of the property to an alternative purchaser, so the only remedy open via the contract will be the recovery of abortive costs and, in limited situations, the additional payment of penalties.
My lawyer in Morpeth is not on the TSB Approved Panel. Is it possible for me to use my family solicitor notwithstanding that they are not on the TSB panel?
Your options are as follows:
- Carry on with your preferred Morpeth lawyers but TSB will need to retain a lawyer on their panel. This will result in additional total conveyancing charges as well as cause delays.
- Get a new solicitor to to deal with the conveyancing, not forgetting to check they are TSB approved.
- Try to convince your TSB based solicitor to attempt to join the TSB panel
My friend suggested that where I am buying in Morpeth I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Morpeth conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Morpeth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Morpeth.
Are there restrictive covenants that are commonly identified as part of conveyancing in Morpeth?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Morpeth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My partner has urged me to use his conveyancers in Morpeth. Should I use them?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to seek guidance from friends or relatives who have previously instructed the solicitor you're contemplating using.
I am tempted by the attractive purchase price for a two flats in Morpeth which have in the region of fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Morpeth. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena.
Morpeth Leasehold Conveyancing - Sample of Questions you should consider before buying
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Many Morpeth leasehold properties will be liable to pay a service charge for maintenance of the block levied by the freeholder. If you buy the flat you will have to meet this contribution, normally quarterly during the year. This could be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay yearly, normally this is not a significant figure, say around £50-£100 but you should to enquire it because sometimes it could be surprisingly expensive. How much is the annual maintenance fee and ground rent? Best to be warned whether window replacement or some other significant cost is pending that will be shared amongst the tenants and could well materially increase the the maintenance fees or require a specific payment.