The owners have very assertive vendors who has recommended a lock out agreement with a down payment of 5k. Are such arrangements recommended for Bickley conveyancing transactions?
Exclusivity agreements are agreements between a property vendor and prospective buyer giving the buyer a ‘clear field’ to the sale of the property within a prescribed time frame. For all intents and purposes, a lock out is a document stating that you will receive a contract at a later date being the main conveyancing contract. It is generally utilised for buyer confidence though in some cases, the seller may stand to benefit from such agreements as well. There are many pros and cons to using an agreement but you should to check with your solicitor but note that it may end up costing you extra in conveyancing fees. For this these contracts are unusual when it comes to conveyancing in Bickley.
I am about to put an offer on a leasehold flat in Bickley. The property agents assure me that it is the norm for flats in Bickley to have less than 75 years unexpired on the lease. I am taking out a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has Seventy One years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/12/2023 the requirements read as follows :
I need some fast conveyancing in Bickley as I am under a deadline to complete in less than 2 weeks. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on years of experience of conveyancing in Bickley the following are instances of what can show up and therefore impact future mortgageability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Bickley is where the house is located. Is there any guidance you can give?
Flying freeholds in Bickley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bickley you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bickley may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Back In 2008, I bought a leasehold house in Bickley. Conveyancing and Aldermore mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Bickley who previously acted has long since retired. Any advice?
First contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Bickley conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Bickley conveyancing firm to assist?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Bickley premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired term was 50.57 years.
We are thinking of using an online conveyancing practitioner rather than a Bickley conveyancing firm. Any advice?
Various benefits exist in being able to pop in to a local Bickley conveyancing solicitor for example
- signing documents on short notice
- sometimes being able to speak to someone face-to-face can make a huge difference, particularly for more complex house moves
- the ability to complain if matters need to addressed
When comparing estimates, look out for hidden extras. Most decent Bickley high street solicitors give an all-inclusive price. Often online agents seem to offer cheap prices, but have hidden 'extras' in the small print.