The sellers of the house we are purchasing have instructed a conveyancing solicitor in Wednesbury who has insisted on a exclusivity contract with a payment 10k. Is it wise to enter into such agreements?
Exclusivity agreements are agreements binding a property seller and purchaser giving the buyer a ‘clear field’ to the sale of the property for a limited period of time. For all intents and purposes, a lock out is a document specifying that you should be issued with a contract at a later date being the contract for the actual sale. It is generally used for buyer protection though in many situations, the owner may stand to benefit from such agreements as well. There are various pros and cons to using them but you need to check with your conveyancer but note that it may end up costing you more in conveyancing fees. For this these agreements are rare when it comes to conveyancing in Wednesbury.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would prefer to instruct a local conveyancing solicitor in Wednesbury?
Do check but the chances are that appoint one of their panel solicitors should you take up the "fee-free" offer. Speak to the bank and see if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Wednesbury.
Have just purchased a repossessed house at auction in Wednesbury. Conveyancing is required. What is next?
Having legally bound yourself to purchase you will need to choose a conveyancing solicitor soon as you are faced with a fast approaching a drop dead date to complete the deal. An auction property will have a corresponding legal pack. This will likely include most,if not all of the documents that your lawyer requires. If you have purchased leasehold premises the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You should give this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in order to complete the transaction on the set completion date.
My stepmother informed me that in buying a property in Wednesbury there may be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in Wednesbury which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Wednesbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Bank of Ireland are being pedantic. The Wednesbury solicitor who is on the Bank of Ireland conveyancing panel is recommending indemnity insurance as a solution but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am buying my first flat in Wednesbury with a loan from The Royal Bank of Scotland. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not reveal to my conveyancer about this side-deal as it may adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
We're new on the property ladder - agreed a price, yet the selling agent has warned us that the vendor will only go ahead if we use their preferred lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a local solicitor used to conveyancing in Wednesbury
It is improbable the vendors are behind this. Should the seller desire ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are ready to go, with finances in place © you are chain free (d) you wish to move quickly (e)but you will continue to appoint your preferred Wednesbury conveyancing lawyers - rather thanthose that will provide the estate agent a referral fee or hit his conveyancing targets demanded by senior management.
What makes a Wednesbury lease unmortgageable?
Leasehold conveyancing in Wednesbury is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision to repair to or maintain elements of the premises
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Wednesbury - Sample of Questions you should consider before buying
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How many of the leaseholders are in arrears for their maintenance charge payments? Who manages the building? Is there a share of the freehold?