The owners have very brash vendors who has suggested a preliminary contract with a payment 10k. Are such contracts generally advanced for Rush Green conveyancing transactions?
Exclusivity agreements are contracts binding a home vendor and prospective acquirer giving the buyer exclusive rights to purchase the premises for a certain period of time. Essentially, an exclusivity is a document stating that you will receive a contract at a later date which is the main conveyancing contract. It tends to be used for buyer protection though in many situations, the vendor may stand to benefit from such agreements as well. There are various positives and negatives to having an agreement but you need to check with your solicitor but note that it may result in incurring extra in conveyancing fees. In light of these reasons these contracts are not popular when it comes to conveyancing in Rush Green.
I am assisting my aunt sell her house in Rush Green. Does the conveyancer commission an EPC or it is for me to see to?
After the abolition of Home Information Packs, EPC’s was left as a mandatory component of moving property. An energy performance certificate should be to hand before the property is placed on the market. It is not as aspect of the sale process that conveyancers ordinarily arrange. If you are using a Rush Green conveyancing lawyer they may be able to arrange energy assessments due to their contacts with long established Rush Green energy assessors
About to purchase flat in Rush Green. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Rush Green solicitor is on the Co-operative conveyancing panel.
I have instructed a Rush Green lawyer having made sure that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Rush Green surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
2 months have gone by following my purchase conveyancing in Rush Green took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 residence 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.
I am buying a new build flat in Rush Green. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Rush Green
-
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a flat up to £305k and found one close by in Rush Green I like with open areas and transport links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Rush Green in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I am tempted by the attractive purchase price for a two flats in Rush Green which have about fifty years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Rush Green is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Rush Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a first flat in Rush Green. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Rush Green premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The unexpired residue of the current lease was 57.5 years.