The sellers of the home we are purchasing have instructed a conveyancing practitioner in Pitsea who has insisted on a lock out agreement with a deposit two thousand pounds. Are such agreements generally advanced for Pitsea conveyancing transactions?
There are a couple of main concerns with executing a lock out contract (sometimes known as a no-shop agreement) is that it can distract from making progress with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may transpire to be a cause of frustration and delay. It is not promoted by Pitsea conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - a jilted buyer is not likely to obtain an injunctive ruling by a court to prohibit the vendor disposing of the property to a third party, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in limited circumstances, the extra payment of damages.
I am thinking of refinancing my house in Pitsea, does my lawyer have to be on the Barclays Solicitor panel?
In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays 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'm purchasing a new build house in Pitsea benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not to tell my conveyancer about this extras as it may affect my loan with Santander. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My husband and I are four weeks into a freehold purchase having been referred to solicitors by the local agent to execute conveyancing in Pitsea. We are not happy. Can you help me find new lawyers?
A conveyancer would have to be really poor in order to consider changing them. Has your mortgage been issued? In the event that it has you must inform them of the new contact details and get the mortgage documents are re-issued. Your new conveyancer should be on the banks approved list to avoid escalating charges and delays. That should be your first question of the new conveyancers. The search tool should help you find a lender approved lawyer for your home move in Pitsea
I am attracted to a couple of maisonettes in Pitsea both have about fifty years left on the lease term. should I be concerned?
There are plenty of short leases in Pitsea. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena.
I inherited a studio flat in Pitsea, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Pitsea with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease expires on 21st October 2081
With only 57 years unexpired we estimate the price of your lease extension to range between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
My solicitors in Pitsea have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.