The vendors of the house we are looking to purchase have instructed a conveyancing firm in Willesden who has suggested a lock out agreement with a payment 10k. Is it wise to enter into such agreements?
There are two main drawbacks with executing a lock out contract (sometimes termed an exclusivity agreement) is that it diverts attention away from moving forward with the conveyancing work, so unless it requires limited or no negotiation then it could turn out to be unhelpful. It is not strongly advocated by Willesden conveyancing lawyers as a result. A supplemental issue is the extent of the remedies available - a jilted purchaser is very unlikely to be issued with an injunction to stop the owner selling to another buyer, so the only remedy available under the contract will be the reimbursement of wasted charges and, in limited circumstances, the extra payment of penalties.
We're in Willesden, First timers buying with a mortgage (lender is Kent Reliance , and our solicitor is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Should commercial conveyancing searches disclose planned roadworks that may impact a commercial property in Willesden?
Its becoming the norm that commercial conveyancing solicitors in Willesden will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Willesden. The report provides definitive data 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 Willesden.
For each commercial conveyancing transaction in Willesden it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Willesden commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Willesden.
I'm purchasing a new build house in Willesden benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of additionals instead. The estate agent told me not disclose to my conveyancer about this extras as it may jeopardize my loan with Chelsea Building Society. 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.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Willesden I like with a park and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Willesden for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan that many years will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Helen (my wife) and I may need to sub-let our Willesden basement flat for a while due to taking a sabbatical. We instructed a Willesden conveyancing practice in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Willesden do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I own a garden flat in Willesden. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a lease Extension matter before the tribunal for a Willesden residence is First Floor Flat 47 Huddlestone Road in December 2010. the Tribunal a valuation of £13,000 for a lease extension having been asked to consider the premium following a vesting order being granted by Willesden County Court On 14th September 2009 This case related to 1 flat. The number of years remaining on the existing lease(s) was 71.87 years.