The vendors of the home we are hoping to buy have appointed a conveyancing solicitor in Wandsworth who has recommended a lock out agreement with a non-refundable deposit of 5k. Are such agreements sensible?
Exclusivity agreements are contracts between a property owner and purchaser giving the buyer a ‘clear field’ to the sale of the property within an agreed time frame. For all intents and purposes, a lock out is a document stating that you will have a contract at a later date being the main conveyancing contract. It tends to be used for buyer protection though in some cases, the owner may enjoy an upside from such agreements as well. There are various pros and cons to using them but you need to check with your solicitor but note that it may end up costing you more in conveyancing fees. For these reasons these contracts are not popular in relation to conveyancing in Wandsworth.
I am the registered owner of a freehold residence in Wandsworth but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Wandsworth and has limited impact for conveyancing in Wandsworth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
How do I check that the solicitor handling my conveyancing in Wandsworth is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Santander thus paying £192.00 in supplemental legal fees.
You should make use of the search tool on this web page. Pick the mortgage company and type ‘Wandsworth’ or your location and you will see numerous solicitors located in Wandsworth or by proximity to you.
My bid for a property was accepted at auction in Wandsworth. Conveyancing is required. What is next?
Given that you are now exchanged you now have to retain a conveyancing solicitor soon as you will have a pending a drop dead date to complete the purchase. All auction property will have an associated auction pack. This should include most,if not all of the paperwork that your lawyer requires. If you have purchased leasehold property the auction pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You need to give this to the solicitor working for you at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
A relative informed me that in buying a property in Wandsworth there may be a number of restrictions affecting the ability to carry out external changes to the property. Is this right?
There are a number of properties in Wandsworth which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Wandsworth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am buying a property in Wandsworth. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
As you are obtaining a mortgage with Santander your lawyer must check the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Santander. The CML Handbook includes minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Santander where a lease fails to satisfy these conditions. The provisions relate to the installation of panels on properties countrywide and is not limited to Wandsworth.
My wife and I own a 4 bedroom Edwardian house in Wandsworth. Conveyancing solicitor acted for me and Birmingham Midshires. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wandsworth and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing solicitor who carried out the work.
What are your top tips when it comes to appointing a Wandsworth conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Wandsworth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Wandsworth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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Can they put you in touch with clients in Wandsworth who can give a testimonial? What are the legal fees for lease extension work?
I inherited a second floor flat in Wandsworth. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Wandsworth conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Wandsworth premises is 4 Galveston Road in August 2012. The Tribunal determined that the price payable in respect of the purchase of the freehold was £22,650. The Tribunal remited this matter back to the Wandsworth County Court for execution of the freehold Transfer Deed. This case was in relation to 2 flats.