The owners have rather pushy sellers who has insisted on a lock out contract with a deposit two thousand pounds. Are such agreements sensible?
There are a couple of primary downsides with executing a lock out agreement (sometimes termed a no-shop agreement) is that it diverts attention away from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it may transpire to be a hindrance. It is not promoted by Swiss Cottage conveyancing solicitors as a result. A supplemental issue is the extent of the remedies available - an aggrieved purchaser is not likely to be granted injunctive relief to stop the vendor completing the sale to a third party, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in rare situations, the additional payment of damages.
Is it the case that all Swiss Cottage solicitors on the RBS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be governed by the SRA. Many lenders do permit licenced conveyancers on their panel and in that case the firms would be governed by the CLC.
We have agreed to purchase a house in Swiss Cottage. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality be concerned?
Given that your lender is Principality your lawyer must comply with the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Principality where a lease does not meet these requirements. The requirements relate to the installation of panels on properties nationwide and is not restricted to Swiss Cottage.
The mortgage over my property is with TSB for my property in Swiss Cottage. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform TSB?
You must advise TSB in advance of renting your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel lawyer.
Will commercial conveyancing searches disclose impending roadworks that could affect a commercial estate in Swiss Cottage?
Many commercial conveyancing solicitors in Swiss Cottage will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Swiss Cottage. The search result provides 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 Swiss Cottage.
For each commercial conveyancing transaction in Swiss Cottage 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 may result in delays to Swiss Cottage commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Swiss Cottage.
Are there restrictive covenants that are commonly identified as part of conveyancing in Swiss Cottage?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Swiss Cottage. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Swiss Cottage with a mortgage from Chelsea Building Society. The sellers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not to tell my conveyancer about the deal as it will adversely affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Swiss Cottage I like with a park and transport links nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Swiss Cottage suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan that many years will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.