We have rather pushy sellers who has suggested a preliminary contract with a deposit 6,000. Are such arrangements the norm for St Columb conveyancing transactions?
This kind of contract is unusual in St Columb, conveyancers will often try and steer clients away from them as they detract from the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Furthermore, there is no guarantee that just because the seller has entered into a lock out contract they will sell to you. They may breach the contract if they are offered a large enough financial inducement to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and these may not equalise the extra amount that your seller may secure by reneging on the agreement, no matter how morally shameful the behaviour is.
We're in St Columb, FTBs purchasing with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I have a 4 bedroom Edwardian house in St Columb. Conveyancing solicitor acted for me and The Mortgage Works. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Columb and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing solicitor who conducted the purchase.
I'm purchasing my first flat in St Columb with a loan from TSB. The developers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about the side-deal as it will affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, no chain conveyancing. St Columb is where the house is located. What do you suggest?
Flying freeholds in St Columb are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Columb you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Columb may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My husband and I may need to sub-let our St Columb garden flat for a while due to a new job. We instructed a St Columb conveyancing firm in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in St Columb do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I inherited a leasehold flat in St Columb, conveyancing formalities finalised in 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in St Columb with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2105
You have 80 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
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 comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.