The vendors of the house we are purchasing have appointed a conveyancing firm in Tottenham Hale who has recommended a lock out agreement with a down payment of 5k. Are such agreements sensible?
There are a couple of main drawbacks with signing a lock out contract (sometimes referred to as a shut-out contract) is that it can distract from moving forward with the conveyancing transaction itself, so unless it requires little or no negotiation then it could transpire to be unhelpful. It is not promoted by Tottenham Hale conveyancing lawyers as a result. The other main concern is the extent of the remedies available - a jilted purchaser is not likely to secure an injunctive ruling by a court to prohibit the owner completing the sale to another buyer, so the only remedy available under the contract will be the recovery of abortive charges and, in limited scenarios, the extra payment of damages.
We are purchasing a house and require a conveyancing solicitor in Tottenham Hale who is on the RBS conveyancing panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for RBS . We don't recommend any particular firms conducting conveyancing in Tottenham Hale.
Just had an offer accepted on a new build apartment in Tottenham Hale. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Tottenham Hale
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Due to the advice of my in-laws I had a survey completed on a property in Tottenham Hale in advance of retaining solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders may refuse to issue a mortgage on such a premises.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Tottenham Hale. Conveyancing may be slightly more expensive based on your lender's requirements.
Having spent years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Tottenham Hale. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement decision for a Tottenham Hale flat is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case related to 2 flats. The unexpired term as at the valuation date was 74.13 years.
Are there frequently found defects that you come across in leases for Tottenham Hale properties?
There is nothing unique about leasehold conveyancing in Tottenham Hale. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I happen to be an executor of my recently deceased parent's Will, with a house in Tottenham Hale which will be sold. The bungalow is unregistered at HMLR and I'm told that some buyers solicitors will insist that it is in place before they will move forward. What's the procedure for this?
In the circumstances that you have set out it seems advisable to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.