The vendors of the house we are purchasing have appointed a conveyancing practitioner in Sutton who has suggested a lock out agreement with a non-refundable deposit 10k. Are such arrangements promoted for Sutton conveyancing transactions?
There are two main concerns with executing a lock out agreement (also termed an exclusivity agreement) is that it can distract from progressing with the conveyancing process, so in the absence of it needing little or no negotiation then it could transpire to be a hindrance. It is not particularly popular amongst Sutton conveyancing lawyers as a result. A further negative is the extent of the remedies available - a jilted buyer is not likely to be issued with an injunction to stop the seller selling to a third party, so the only remedy available under the agreement will be the recovery of wasted costs and, in restricted circumstances, the additional payment of damages.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would prefer to appoint a local conveyancing solicitor in Sutton?
Do check but the the probability is that appoint one of their panel lawyers if you accept the "fee-free" incentive. Speak to the bank and determine if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Sutton.
I happen to be the single beneficiary of my late father’s will and I have everything in my name alone, including the house in Sutton. Conveyancing formalities meant that the Land Registry date was in January. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the property in January. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view lenders take of it, depend on the lender as this clause chiefly exists to pick up on the purchase and immediately sell or the quick reselling of properties.
My husband and I have organised the release of further monies on our mortgage from Clydesdale as we intend to carry out alterations to our house in Sutton. Are we obliged to select a high street Sutton solicitor on the Clydesdale conveyancing panel to deal with the legals?
Clydesdale do not ordinarily appoint a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale list.
My partner and I are spending time viewing houses in Sutton and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Bank of Ireland.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are taking out a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.
How does conveyancing in Sutton differ for newly converted properties?
Most buyers of new build property in Sutton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Sutton usually purchase the land, 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 property lawyers 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 Sutton or who has acted in the same development.
I am tempted by the attractive purchase price for a couple of maisonettes in Sutton which have about forty five years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Sutton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sutton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Sutton conveyancing firm to assist?
if there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Sutton flat is Buchanan Court 39 Vernon Road in April 2010. the Tribunal assessed that the premium payable for the freehold of the block should be £44,000. This case related to 2 flats. The unexpired term was 66.67 years.
What do I do if I am unhappy with the conveyancing practitioner who carried out our conveyancing in Sutton?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that sometimes things do go wrong. However there is recourse if you were dissatisfied with your conveyancing in Sutton. This varies from trying to resolve matters directly with them, through to reporting a lawyer to their regulator. If you remain aggrieved you may consider enlisting the help of the Legal Ombudsman.