The vendors of the property we are hoping to buy are using a conveyancing solicitor in Audlem who has suggested a lock out contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property owner and purchaser granting the buyer exclusive rights to the sale of the premises within a prescribed time frame. For all intents and purposes, a lock out agreement is a contract stating that you should be issued with a contract at a later date which is the contract for the actual sale. It tends to be used for buyer confidence though in many situations, the owner may enjoy an upside from such agreements as well. There are many pros and cons to having an agreement but you should to check with your conveyancer but note that it may result in costing you extra in conveyancing charges. In light of these reasons these agreements are not popular in relation to conveyancing in Audlem.
In what way does my ID and proof of funds have anything to do with my conveyancing in Audlem? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Audlem conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, conveyancers are required to investigate not just the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may lead to your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
A relative pointed out to me me that in buying a property in Audlem there could be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Audlem which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Audlem should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
How can we know in advance if a Audlem conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Audlem obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor handling your transaction.
Last month we had a mortgage agreed in principle with RBS. Audlem conveyancing practitioners were chosen. How long does it take for RBS to forward the offer to the solicitor?
There is no definitive answer here. Have RBS conducted the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Due to the advice of my in-laws I had a survey completed on a house in Audlem before appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some lenders will refuse to issue a loan on such a premises.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Audlem. Conveyancing will be smoother if you use a solicitor in Audlem especially if they regularly deal with such properties in Audlem.
Am I best advised to instruct a Audlem conveyancing solicitor based in the area that I am buying? We have a good friend who can deal with the legal work however her office is a couple of hundredkilometers drive away.
The benefit of a high street Audlem conveyancing firm is that you can drop in to execute documents, present your ID and pester them if necessary. Having local Audlem know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were impressed that must trump using an unfamiliar Audlem conveyancing solicitor solely due to them being local.
I've recently bought a leasehold house in Audlem. Am I liable to pay service charges for periods before my ownership?
In a situation 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
I purchased a basement flat in Audlem, conveyancing was carried out in 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Audlem with a long lease are worth £180,000. The ground rent is £65 per annum. The lease finishes on 21st October 2085
With 59 years unexpired we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.