The owners of the property we are purchasing hired a conveyancing solicitor in South Harrow who has suggested a preliminary contract with a payment of 5k. Are such agreements sensible?
Lock out contracts are agreements between a home owner and prospective buyer giving the buyer a ‘clear field’ to the sale of the premises for a set period of time. Essentially, an exclusivity agreement is a contract specifying that you should receive a contract at a later date which is the main conveyancing contract. It tends to be used for buyer confidence though in some cases, the vendor may stand to benefit from such agreements as well. There are various positives and negatives to using them but you should to check with your lawyer but beware that it may end up costing you more in conveyancing charges. In light of these reasons these agreements are rare when it comes to conveyancing in South Harrow.
I am buying a property in South Harrow. An unusual aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Virgin Money your lawyer must comply with the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Virgin Money where a lease does not satisfy these provisions. The conditions relate to the installation of panels on properties countrywide and is not restricted to South Harrow.
I am expecting a DIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any South Harrow solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint South Harrow solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
About to purchase apartment in South Harrow. 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 Principality 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 South Harrow solicitor is on the Principality conveyancing panel.
Will our solicitor be making enquiries concerning flooding as part of the conveyancing in South Harrow.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in South Harrow. There are those who purchase a property in South Harrow, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that can be undertaken by the purchaser or by their lawyers which can figure out the risks in South Harrow. The conventional set of property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out if the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a buyer may bring a claim for damages resulting from an misleading reply. A buyer’s conveyancers should also conduct an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
Are there restrictive covenants that are commonly picked up during conveyancing in South Harrow?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in South Harrow. 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…’
The estate agent has sent us the confirmation of our purchase of a new build apartment in South Harrow. Conveyancing is daunting 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 are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in South Harrow
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. 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. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I am looking for a ground for flat up to £245,000 and found one near me in South Harrow I like with a park and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in South Harrow suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.