Me and my partner are buying a ground floor flat in Stoke Sub Hamdon. My lawyer is not listed on the bank approved panel. Is it possible for me to use my Stoke Sub Hamdon conveyancing solicitor even though they are excluded from the lender list of approved lawyers?
Your options include
- Complete the purchase with your existing Stoke Sub Hamdon property lawyer but your mortgage company will need to use a property lawyer on their conveyancing panel. This will result in additional fees and potential delay.
- Appoint a fresh conveyancer to act in the purchase, ensuring that they are on the lender conveyancing panel.
- Convince your conveyancing practitioner to seek to join the lender panel
We have very brash vendors who has insisted on a lock out agreement with a non-refundable deposit 10k. Are such contracts recommended for Stoke Sub Hamdon conveyancing transactions?
There are two main drawbacks with signing a lock out agreement (occasionally referred to as a no-shop agreement) is that it diverts attention away from progressing with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it may transpire to be unhelpful. It is not strongly advocated by Stoke Sub Hamdon conveyancing practitioners as a result. The other main negative is the extent of the remedies available - a jilted buyer is extremely unlikely to be granted an injunctive ruling by a court to bar the vendor completing the sale to a third party, so the only remedy open via the agreement will be the reimbursement of wasted costs and, in restricted scenarios, the additional payment of damages.
When can the exchange of contracts take place for sale conveyancing in Stoke Sub Hamdon and am I required to be at the solicitors office?
If you are near to our conveyancing solicitors in Stoke Sub Hamdon you are invited in to sign the paperwork. However, the firms we recommend provide countrywide coverage for conveyancing and provide just as detailed and professional a job for you when communicating with you electronically. The executing of the contract is not the important part. A signed contract is necessary for the firm to address the formalities when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Stoke Sub Hamdon)to be in the office at the appropriate time.
How does conveyancing in Stoke Sub Hamdon differ for new build properties?
Most buyers of new build or newly converted property in Stoke Sub Hamdon come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Stoke Sub Hamdon typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Stoke Sub Hamdon or who has acted in the same development.
I opted to have a survey completed on a property in Stoke Sub Hamdon before retaining solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies will not issue a loan on this type of property.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you contact us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stoke Sub Hamdon. Conveyancing will be smoother if you use a solicitor in Stoke Sub Hamdon especially if they are familiar with such properties in Stoke Sub Hamdon.
I am hoping to sign contracts shortly on a basement flat in Stoke Sub Hamdon. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Stoke Sub Hamdon should include some of the following:
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Details of the parties to the lease, for instance these could be the (you), superior lessor, landlord The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Ground rent - what is due and what the invoice dates are, and also know whether this is subject to change if lease has a provision for a reserve account for major repairs? The total ownership of the demise. This might be the property itself but may incorporate a attic or basement if relevant.
I bought a studio flat in Stoke Sub Hamdon, conveyancing was carried out April 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Stoke Sub Hamdon with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2077
With only 53 years remaining on your lease we estimate the price of your lease extension to be between £27,600 and £31,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.