We have very assertive vendors who has suggested a lock out contract with a down payment 6,000. Is it wise to enter into such agreements?
There are two primary downsides with signing a lock out contract (sometimes termed a no-shop agreement) is that it takes away the focus from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not particularly popular amongst St Mellons conveyancing lawyers for this reason. A further negative is the extent of the remedies available - a jilted purchaser is not likely to secure injunctive relief to prohibit the owner completing the sale to another buyer, so the only remedy open via the agreement will be the recovery of abortive costs and, in rare situations, the extra payment of penalties.
I need some fast conveyancing in St Mellons as I have a deadline to sign on the dotted line inside 2 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?
As you are are a cash buyer you are at liberty not to have searches carried out although no solicitor would suggest that you don't. With lots of history conveyancing in St Mellons the following are instances of issues that can arise and adversely impact future mortgageability: Refused Planning Applications, Outstanding Fees, Overdue Grants, Road Schemes,...
Due to the advice of my in-laws I had a survey completed on a property in St Mellons prior to appointing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some lenders will not give a loan on a flying freehold house.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in St Mellons. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Mellons to see if the conveyancing will be more expensive.
How do I use the search facility to select a conveyancing solicitor in St Mellons on the panel for my lender?
Step one is to select a bank such as Lloyds TSB Bank, Coventry Building Society or TSB then type in your preferred area a common one being St Mellons. Conveyancing organisations in St Mellons and across England and Wales should be shown.
Having checked my lease I have discovered that there are only 72 years unexpired on my flat in St Mellons. I need to get lease extension but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. For most situations an enquiry agent may be useful to carry out a search and to produce a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing St Mellons.
Leasehold Conveyancing in St Mellons - Sample of Questions you should ask before buying
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What is the name of the managing agents? Please tell me if there are any major works on the horizon that could increase the maintenance costs? Most St Mellons leasehold properties will incur a service charge for the upkeep of the building invoiced on behalf of the management company. If you purchase the property you will have to meet this charge, normally in instalments during the year. This can be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all probability there will be a rentcharge for you to pay annual, normally this is not a exorbitant figure, say approximately £25-£75 but you need to enquire it because on occasion it can be many hundreds of pounds.
At what point do I pay the Stamp Duty Land Tax chargeable for my St Mellons property purchase?
The solicitor should fill out a stamp duty return for you as part of your St Mellons conveyancing transaction for signature. After completion your property lawyer will submit the STL Return Form to the Tax Authorities and - assuming they have the funds - discharge any Stamp Duty payable for you.