We have rather pushy vendors who has insisted on a exclusivity contract with a non-refundable deposit two thousand pounds. Are such arrangements appropriate for Yardley conveyancing transactions?
Exclusivity contracts are agreements between a property vendor and purchaser granting 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 agreement is a contract specifying that you will have a contract at a later date which is the contract for the actual sale. It is generally used for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are many positives and negatives to having them but you need to check with your conveyancer but beware that it may end up costing you more in conveyancing fees. In light of these reasons these agreements are not popular in relation to conveyancing in Yardley.
I purchased a freehold property in Yardley but still pay rent, why is this and what is this?
It’s unusual for properties in Yardley and has limited impact for conveyancing in Yardley 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I require quick conveyancing in Yardley as I am faced with an ultimatum to sign on the dotted line within 2 weeks. A home loan is not required. Can I escape the need for conveyancing searches to save money and time?
As you are not getting a home loan you have the choice not to have searches carried out although no conveyancer would advise that you don't. With plenty of history conveyancing in Yardley the following are instances of issues that can arise and adversely affect future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Railway Schemes,...
What makes your site different to other internet conveyancing brokers when it comes to conveyancing in Yardley?
At this site obtain a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Yardley. Unlike many estate agents and brokerage sites we do not charge firms a commission if you select them for your property ownership legalities in Yardley
Last June I purchased a leasehold house in Yardley. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Yardley Leasehold Conveyancing - A selection of Questions you should consider before buying
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How many years remain on the lease? The majority of Yardley leasehold flats will have a service charge for maintenance of the block set by the freeholder. If you purchase the flat you will have to pay this liability, normally periodically during the year. This can vary from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, this is usually not a large amount, say around £25-£75 but you need to enquire it because on occasion it can be many hundreds of pounds. In the main the cost for major works tend not to be built into the maintenance charges, albeit that there some managing agents in Yardley obliged leasehold owners to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance.
My mother and father are experiencing difficulties in finding their Yardley land registry title on the website. They have a vague memory back in the 70’s when they acquired the bungalow there were complications with the post code not being identified on some systems.
The vast majority of properties in Yardley should show up. Have you limited your search to simply the postcode. Usually it will disclose all the houses and flats inside that postcode. Assuming the property is recorded it will be there with a title number. Where they bought back in the 60’s it's conceivable it may be unregistered. The property could still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title documentation which could be with your parent’s mortgage company.