We have very pushy sellers who has insisted on a lock out contract with a down payment 10k. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property owner and prospective buyer giving the buyer a ‘clear field’ to the sale of the property for a set period of time. For all intents and purposes, a lock out is a document specifying that you should receive a contract at a later date being the main conveyancing contract. It tends to be utilised for buyer protection though in many situations, the owner may enjoy an upside from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your lawyer but note that it may end up incurring extra in conveyancing fees. In light of this these contracts are avoided in relation to conveyancing in Stepney.
I am mortgaging my apartment in Stepney, does my lawyer need to be on the Bank of Ireland Conveyancing panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My friend advised me that if I am purchasing in Stepney I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Stepney conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Stepney around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Stepney Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Stepney.
How can the Landlord & Tenant Act 1954 affect my commercial premises in Stepney and how can you help?
The 1954 Act affords protection to commercial tenants, granting the legal entitlement to apply to court for a new tenancy and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Stepney is one of our hundreds of areas of the UK in which our lawyers are located
My partner has urged me to instruct his lawyers for conveyancing in Stepney. Should I use them?
Much as we are happy to recommend a Stepney conveyancing lawyer it’s preferable to select a conveyancing solicitor is to have guidance from friends or relatives who have used the solicitor that you are considering.
Two months into a sale of a flat in Stepney. Conveyancing solicitors are doing their job but we have been asked to pay a fortune from the managing agents. To date we have issued a cheque for £275 for a leasehold management pack and then a further £134.40 for additional queries raised by the purchaser's conveyancing practitioner.
You will not have control over the level of the fee for this information but the average costs for the information for Stepney leasehold property is £355. When it comes to Stepney conveyancing sales it is conventional for the seller to cover the charges. The landlord or their agents are under no statutory obligation to answer such questions most will agree to do so - albeit often at high prices where the fees bear little relation to the work involved. Regretfully there is no law that requires set charges for administrative tasks. Nor is there any legal time limit by which they are required to issue the information.