The owners have rather pushy sellers who has suggested a preliminary contract with a deposit 10k. Are such agreements promoted for Banbury conveyancing transactions?
There are two primary downsides with entering into any lock out contract (also referred to as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing process, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not promoted by Banbury conveyancing practitioners as a result. A supplemental issue is the extent of the remedies available - a jilted purchaser should not expect to secure injunctive relief to bar the vendor selling to another buyer, so the only remedy available under the contract will be the reimbursement of abortive costs and, in limited circumstances, the extra payment of damages.
I am expecting a AIP from Clydesdale this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any Banbury solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Banbury solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Banbury building society branch on various occasions and was told they are content with the situation and they would lend. My Banbury conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their published requirements. Who do I believe?
The property lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After shopping around on the internet I have found a Banbury solicitor having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Banbury surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
What does a local search tell me concerning the house my wife and I purchasing in Banbury?
Banbury conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search is essential in every Banbury conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
How does conveyancing in Banbury differ for new build properties?
Most buyers of new build property in Banbury come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Banbury usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Banbury or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Banbury I like with a park and transport links nearby, however it only has 52 years on the lease. There is not much else in Banbury suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I own a leasehold flat in Banbury. Conveyancing and Yorkshire Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Banbury who previously acted has long since retired. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Banbury conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Banbury Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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On the whole the outlay for major works are not incorporated into the service charges, although a few managing agents in Banbury obliged tenants to pay into a reserve fund created for the specific purpose of establishing a fund for major works. Many Banbury leasehold properties will incur a service bill for maintenance of the block set on behalf of the landlord. If you buy the property you will have to meet this charge, usually periodically accross the year. This may differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met yearly, this is usually not a exorbitant sum, say around £25-£75 but you should to check as occasionally it can be prohibitively expensive. How many of the leaseholders are in arrears for their service charge payments?