The sellers of the house we are hoping to buy have appointed a conveyancing solicitor in Bush Hill Park who has insisted on a exclusivity contract with a non-refundable deposit of 5k. Are such agreements sensible?
There are a couple of primary downsides with entering into any lock out agreement (sometimes referred to as a no-shop agreement) is that it takes away the focus from making progress with the conveyancing process, so in the absence of it needing minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not particularly popular by Bush Hill Park conveyancing lawyers as a result. A supplemental negative is the extent of the remedies available - a jilted buyer should not expect to obtain an injunctive ruling by a court to prohibit the seller disposing of the property to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in restricted scenarios, the extra payment of damages.
I purchased a freehold house in Bush Hill Park yet charged rent, why is this and what is this?
It’s unusual for properties in Bush Hill Park and has limited impact for conveyancing in Bush Hill Park 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 new rentcharges from 1977 onwards.
Old 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 extinguished.
I am considering applying for a Kent Reliance mortgage for purchase of a new build (under development) in Bush Hill Park with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Just bought a semi-detached house in Bush Hill Park , how long will it take for the Land Registry to record my title? My Bush Hill Park conveyancing solicitor has been very slow, so I want to be certain that my name is registered.
As far as conveyancing in Bush Hill Park registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can vary subject to who lodges the application, whether there are errors and whether the Land registry need to notify any third persons or bodies. Currently roughly three quarters of such applications are fully addressed in less than three weeks but some can be subject to protracted hold-ups. Registration is effected once the new owner is living at the property thus 'speed' is not usually an essential issue yet where there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
Due to the input of my in-laws I had a survey completed on a house in Bush Hill Park before instructing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor advised that some mortgage companies will refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements from Halifax. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bush Hill Park. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are purchasing a studio flat in Bush Hill Park. When we first instructed conveyancing practitioner, they said that they were on all mainstream lender panels. The financial adviser contacted us yesterday to say that they don't seem to be on the Aldermore approved list. If it turns out to be true, what should we do? Do we just find a different lawyer that is on their panel or do we cover the costs for separate representation, with Aldermore selecting their own preferred solicitor.
When purchasing a property with mortgage finance it is conventional for the purchaser’s lawyers to also represent the mortgage company. In order to act for a bank or building society a conveyancer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to fulfill. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should call Aldermore to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Aldermore's conveyancing panel as you are at liberty to use your preferred Bush Hill Park lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.