We have very pushy sellers who has recommended a exclusivity agreement with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
There are two main downsides with executing a lock out contract (occasionally referred to as a shut-out contract) is that it diverts attention away from progressing with the conveyancing work, so in the absence of it needing limited or no negotiation then it may transpire to be unhelpful. It is not promoted amongst Benfleet conveyancing practitioners as a result. A further issue is the extent of the remedies available - a jilted buyer is extremely unlikely to be issued with an injunctive ruling by a court to bar the owner completing the sale to a third party, so the only remedy available under the contract will be the reimbursement of wasted costs and, in restricted situations, the extra payment of penalties.
Do I need to pop into the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Benfleet so that I can attend their offices when needed.
As opposed to 12 years ago, almost all lenders no longer need their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to provide ID documents and there are still manifest advantages to using a locally based practitioner, in your case a conveyancing solicitor in Benfleet.
Is it the case that all Benfleet CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing panel?
Some major banks and building societies now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
We had chosen conveyancers based in Benfleet on the Clydesdale solicitor panel. They are now charging me a supplemental sum for the legal aspects of the Clydesdale mortgage. Is this a supplemental conveyancing fee set by Clydesdale?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancing practitioner can levy a fee for this. The fee is not dictated by Clydesdale but by your Benfleet property lawyer. Plenty of firms on the Clydesdale panel will quote ’dealing with mortgage’ fee and others do not.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Benfleet bank branch on numerous occasions and was told they are content with the situation and they will lend. My Benfleet conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend based on their published requirements. I have no idea who is right.
Provided that the solicitor is on the lender approved list, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
I am downsizing from our home in Benfleet and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Benfleet conveyancer would know this is not the case. It does beg the question why the buyers instructed a nationwide conveyancing practice rather than a conveyancing solicitor in Benfleet. We have lived in Benfleet for three years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am purchasing my first flat in Benfleet with a loan from Bank of Ireland. The developers refused to budge the price so I negotiated 6k of additionals instead. The property agent advised me not to tell my conveyancer about the deal as it would impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Can you offer any advice when it comes to choosing a Benfleet conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Benfleet conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with two or three firms including non Benfleet conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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Can they put you in touch with clients in Benfleet who can give a testimonial?
I purchased a ground floor flat in Benfleet, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Benfleet with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2092
With 68 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.