We have very brash vendors who has suggested a exclusivity contract with a down payment 6,000. Are such agreements sensible?
There are a couple of primary downsides with executing a lock out contract (sometimes known as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing process, so in the absence of it needing limited or no negotiation then it could transpire to be a hindrance. It is not strongly advocated amongst Stratford conveyancing lawyers for this reason. A further negative is the extent of the remedies available - an aggrieved buyer should not expect to be issued with injunctive relief to stop the seller selling to a third party, so the only remedy open via the agreement will be the reimbursement of abortive costs and, in rare circumstances, the extra payment of damages.
As a first time buyer what is the most important advice you can impart about purchase conveyancing in Stratford?
Not many law firms or advisers will tell you this but conveyancing in Stratford and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there exists lots of opportunity for confrontation between you and others involved in the ownership transfer. For instance, the seller, property agent and sometimes your lender. Choosing a solicitor for your conveyancing in Stratford is a critical decision as your conveyancer is your adviser, and is the SOLE party in the process whose responsibility is to act in your best interests and to protect you.
We are witnessing a worrying increase of a "blame" culture- someone has to be at fault for the process taking so long. You your first instinct should be to trust your lawyer ahead of the other parties when it comes to the legal assignment of property.
I am buying a property in Stratford. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Bank of Ireland be concerned?
Given that your lender is Bank of Ireland your lawyer must comply with the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook contains minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Bank of Ireland where a lease fails to meet these requirements. The provisions relate to the installation of panels on properties countrywide and is not isolated to Stratford.
We expect to receive a OIP from Lloyds 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 Lloyds recommend any Stratford solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Stratford solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I have paid off my mortgage with Clydesdale. I assume I don't need a Stratford conveyancer on the Clydesdale panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
Should commercial conveyancing searches reveal planned roadworks that may impact a commercial property in Stratford?
Many commercial conveyancing solicitors in Stratford will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Stratford. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Stratford.
For every commercial conveyancing transaction in Stratford it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Stratford commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Stratford.
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Stratford. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Stratford are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Stratford so you should seriously consider shopping around for a Stratford conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Stratford. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Stratford residence is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case affected 2 flats. The unexpired term was 72.02 years.
What is the reason for my lawyer requiring various items of ID before I can proceed with selling or purchasing a property in Stratford?
Stratford solicitors are obliged by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML Regulations to record that the have verified the identity of their clients. It is also sometimes a condition of your bank where you are taking a mortgage. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have information such as your full names, NI number and DOB.