The owners have rather assertive vendors who has recommended a preliminary contract with a payment two thousand pounds. Is it wise to enter into such agreements?
There are a couple of primary drawbacks with signing a lock out agreement (occasionally referred to as a no-shop agreement) is that it takes away the focus from making progress with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted amongst Onslow Village conveyancing solicitors as a result. A further concern is the extent of the remedies available - a jilted buyer is not likely to secure an injunctive ruling by a court to stop the owner disposing of the property to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of abortive costs and, in restricted situations, the additional payment of damages.
I am the single beneficiary of my late grandmother’s will and I have everything in my name now, including the my former home in Onslow Village. Conveyancing formalities meant that the Land Registry date was in February. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship may be considered the same way as though I had purchased the house in February. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Most lenders would take a pragmatic view as this requirement primarily exists to pick up on subsales or the wholesaling and assigning of property.
I am currently in the process of buying my council flat in Onslow Village. I have a mortgage agreed with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
Completion of my remortgage has taken place for my property in Onslow Village. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
We are close to exchanging contracts on the sale of our house in Onslow Village and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A high street Onslow Village lawyer would know this is not the case. It does beg the question why the buyers are using an internet conveyancing practice as opposed to a conveyancing solicitor in Onslow Village. Having lived in Onslow Village for 4 years we know of no issue. Should we get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You must 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 life insurance to cover that same illness)
five months have gone by since my purchase conveyancing in Onslow Village concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Do I need to be wary by third parties that I am dealing with are suggesting an internet conveyancing firm as opposed to a High Street Onslow Village conveyancing company?
As with many service providers, often recommendations from connections can be very helpful. Nevertheless there are many players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all put forward conveyancers to appoint. On occasion these conveyancers might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the endorsement. You have the right to select your own lawyer. However, bear in mind that most mortgage providers specify a panel list of lawyers you must use for the mortgage aspect of your conveyancing.
I have recently realised that I have 68 years left on my flat in Onslow Village. I need to get lease extension but my landlord is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 magistrate. You will be obliged to prove that you have used your best endeavours to find the freeholder. On the whole a specialist should be useful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Onslow Village.
I purchased a garden flat in Onslow Village, conveyancing formalities finalised in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Onslow Village with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2102
With just 76 years unexpired the likely cost is going to span between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.