The vendors of the house we are hoping to buy have instructed a conveyancing solicitor in Blackpool who has suggested a preliminary agreement with a payment of 5k. Are such agreements sensible?
This type of agreement is not the norm in Blackpool, conveyancers are often found to direct clients away from them as they detract from focusing on the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. In addition, there is no certainty that just because the owner has executed a lock out agreement they will sell to you. They may be in contravention of the contract if they receive sufficient offer to do so because an aggrieved party with the benefit of a exclusivity agreement will still be duty bound to establish consequential losses from the breach and these may not amount to the financial upside that the owner may obtain by reneging on the contract, no matter how morally condemnable it undoubtedly is.
I own a freehold premises in Blackpool but still pay rent, why is this and what is this?
It’s unusual for properties in Blackpool and has limited impact for conveyancing in Blackpool but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Is it the case that all Blackpool CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing list of approved firms?
Some major lenders now utilise 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 CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
I am buying a property in Blackpool. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Lloyds be concerned?
As your lender is Lloyds your lawyer must comply with the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Lloyds where a lease fails to comply with these provisions. The provisions relate to the installation of panels on properties nationwide and is not restricted to Blackpool.
Our sealed bid on a property in Blackpool has been accepted, but there is a chain. The vendors have offered on a flat, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have chosen a nearby conveyancing solicitor in Blackpool. What do I do now? At what point do I apply for the mortgage with HSBC?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Blackpool conveyancing search fees, etc). The first thing to do is check that your conveyancing practitioner is on the HSBC approved list. Concerning the next steps this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market many buyers will apply for the mortgage with HSBC and arrange for the valuation and only if it was satisfactory would they request their conveyancer to proceed with the conveyancing in Blackpool.
How does conveyancing in Blackpool differ for newly converted properties?
Most buyers of new build premises in Blackpool contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Blackpool typically buy the site, 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 conveyancing solicitors 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 used to new build conveyancing in Blackpool or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Blackpool is where the house is located. Can you shed any light on this issue?
Flying freeholds in Blackpool are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Blackpool you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blackpool may ascertain 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 premises.
My wife and I purchased a leasehold flat in Blackpool. Conveyancing and TSB mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Blackpool who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Blackpool conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Blackpool - Examples of Questions you should consider before buying
Please note that where the lease has less than 80 years it will impact the value of the property. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will probably require a lease extension sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would need to own the residence for a couple of years in order to be entitled to extend the lease. Its a good idea to find out as much as possible about the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to day to day matters like the upkeep of the communal areas. Ask other tenants whether they are happy with their management. In conclusion, investigate as to the dates that the maintenance fees are due to the relevant party and specifically what you get for your money.