I can't travel far from Buckden. I would like to know the logic why all Buckden property lawyers aren't included on all lender panels?
As inequitable as it may seem for mortgage companies to restrict who can represent them, from the public’s or solicitor’s point of view, the other side of the coin is that mortgage companies are increasingly anxious and feel it vital to defend themselves against illegal activities. As a consequence of this concern mortgage companies are limiting their conveyancing panel to a manageable size.
The owners have rather assertive vendors who has recommended a lock out contract with a down payment 6,000. Are such agreements sensible?
Lock out agreements are contracts binding a property vendor and prospective acquirer giving the buyer the sole right to purchase the premises within an agreed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you should be issued with a contract at a later time which is the main conveyancing contract. It tends to be utilised for buyer assurance though in some cases, the seller may stand to benefit from such agreements as well. There are various positives and negatives to using an agreement but you need to check with your conveyancer but beware that it may end up costing you extra in conveyancing charges. In light of this these contracts are avoided when it comes to conveyancing in Buckden.
We see that you have a search directory identifying solicitors on the Principality conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Buckden?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Buckden.
I am intent on selling our property in Buckden and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Buckden conveyancer would know this is not the case. It does beg the question why the buyers instructed a nationwide conveyancing firm as opposed to a conveyancing solicitor in Buckden. Having lived in Buckden for many years we know of no issue. Do we contact our local Authority to obtain clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to check with 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 life insurance to cover that same illness)
I'm purchasing a new build house in Buckden with a mortgage from Virgin Money. The builders would not move on the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about this extras as it would impact my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Buckden. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Buckden ?
Most houses in Buckden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Buckden so you should seriously consider shopping around for a Buckden conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.
I am the registered owner of a split level flat in Buckden, conveyancing was carried out 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Buckden with a long lease are worth £171,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2103
With 79 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.