We have very brash sellers who has recommended a exclusivity contract with a down payment two thousand pounds. Is it wise to enter into such agreements?
Lock out contracts are agreements binding a property vendor and prospective buyer giving the buyer exclusive rights to the sale of the premises for a certain period of time. Essentially, a lock out is a document specifying that you will have a contract at a later date which is the main conveyancing contract. It is generally utilised for buyer protection though in some cases, the vendor may stand to benefit from such agreements as well. There are numerous positives and negatives to using an agreement but you need to check with your lawyer but beware that it may result in incurring extra in conveyancing fees. For this these contracts are not popular in relation to conveyancing in Stroud Green.
Will lawyers request money on account for my conveyancing in Stroud Green?
If you are buying a property in Stroud Green your solicitor will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the total price then this should be required shortly in advance of contracts are exchanged. The closing balance that is due should be transferred a few days prior to the day of completion.
I am buying a new build flat in Stroud Green. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Stroud Green
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My uncle has suggested that I appoint his conveyancing solicitors in Stroud Green. Should I use them?
No doubt it’s preferable to find a conveyancing practitioner is to get recommendations from friends or relatives who have experience in using the firm that you are considering.
Last May I purchased a leasehold house in Stroud Green. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Stroud Green. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Stroud Green premises is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case was in relation to 1 flat. The unexpired term as at the valuation date was 71 years.
Me and my husband have recently had an offer accepted on a property and had meeting on Wednesday with HSBC for the mortgage. They have informed us that when it comes to appointing a property lawyer that unless they are on their approved list of property lawyers then we will have to pay out an extra fee of about two hundred pounds. This is is due to the fact that they would then have to select a property lawyer to act on their behalf in addition to the one we choose to act on our behalf and we will be on the hook for their fees. I have requested HSBC to provide me with a list so I can seek quotes only from their approved conveyancers but was told they dont have such a list to hand over. What would be the best way of going about this?
You should ask HSBC what their criteria for joining their panel is for a solicitor.Then ask the lawyer of your choice whether they meet the criteria and have they acted on mortgages for HSBC historically. If the answer to those is yes, then just clarify this with HSBC. Another option is to use our search facility and we may be able to find you a conveyancer in Stroud Green on the panel for HSBC.