We have rather assertive vendors who has suggested a preliminary agreement with a non-refundable deposit two thousand pounds. Are such agreements sensible?
Exclusivity contracts are contracts between a home vendor and prospective acquirer granting the buyer the sole right to purchase the premises for a certain period of time. For all intents and purposes, a lock out agreement is a contract stating that you will receive a contract at a later time which is the main conveyancing contract. It tends to be used for buyer assurance though in many situations, the proprietor may enjoy an upside from such agreements as well. There are numerous pros and cons to having an agreement but you need to check with your solicitor but beware that it may end up costing you more in conveyancing charges. For this these contracts are avoided when it comes to conveyancing in Bethnal Green.
I am assisting my step-mother sell her house in Bethnal Green. Will the conveyancing solicitor commission an EPC or it is for the seller to coordinate?
After the demise of HIPs, EPC’s was retained a compulsory component of selling a property. An EPC needs to be commissioned before the property is marketed. This is not a task that lawyers normally arrange. If you are instructing a Bethnal Green conveyancing practitioner they may be able to arrange energy performance certificates due to their contacts with reputable local assessors
Please help - my lawyer advises that lack of right of way insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Bethnal Green?
The appropriate level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between Barclays and Leeds Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
My wife and I are spending time viewing flats in Bethnal Green and I am now considering a potential offer. Is it advisable to have my conveyancer on ‘stand by’? I am planning to take a mortgage with Leeds Building Society.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with Leeds Building Society, make sure you remember to check that your lawyer is on the Leeds Building Society conveyancing panel.
I'm purchasing a new build house in Bethnal Green with the aid of help to buy. The developers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about this extras as it could impact my loan with the lender. Is this normal?.
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.
I decided to have a survey completed on a house in Bethnal Green before appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some banks tend not give a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bethnal Green. Conveyancing may be slightly more expensive based on your lender's requirements.
Jane (my partner) and I may need to let out our Bethnal Green basement flat for a while due to taking a sabbatical. We used a Bethnal Green conveyancing firm in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Your lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Bethnal Green do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I have had difficulty in trying to purchase the freehold in Bethnal Green. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price.
An example of a Lease Extension decision for a Bethnal Green flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired lease term was 72.39 years.
Can you set out the aspects of conveyancing provided by Bethnal Green conveyancing solicitors?
The majority of Bethnal Green conveyancing organisations will provide various services to home and land proprietors, sellers, investors, freeholders and tenants assistingwith some of the following:
Property sale conveyancing in Bethnal Green and nationally
Domestic purchase conveyancing in Bethnal Green and throughout England and Wales
Unregistered land related matters Help to Buy Conveyancing in Bethnal Green or beyond Bethnal Green lease extensions and enfranchisement issues Statutory Declarations