We have rather assertive sellers who has recommended a preliminary contract with a down payment of 5k. Is it wise to enter into such agreements?
Lock out contracts are agreements binding a home vendor and purchaser giving the buyer the sole right to the sale of the premises within an agreed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you will be issued with a contract at a later date which is the main conveyancing contract. It is generally used for buyer assurance though in many situations, the vendor may enjoy an upside from such agreements as well. There are many pros and cons to having them but you should to check with your solicitor but beware that it may end up incurring extra in conveyancing fees. For these reasons these agreements are rare in relation to conveyancing in Darwen.
It is 10 years ago since I bought my property in Darwen. Conveyancing lawyers have recently been instructed on the sale but I can't find the title documents. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be retained by the mortgage company or they may be in the possession of the conveyancers who acted in your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Almost all conveyancing in Darwen relates to registered property but in the rare situation where your home is not registered it is more tricky but is not insurmountable.
My property lawyer in Darwen is not listed on the Bank of Scotland Approved Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Bank of Scotland list of approved lawyers?
Your options are as follows:
- Complete the purchase with your preferred Darwen lawyers but Bank of Scotland will need to use a lawyer on their panel. This will inevitably rack up the total legal fees as well as cause delays.
- Find a new solicitor to to deal with the conveyancing, not forgetting to check they are Convince your solicitor to do everything within their powers to join the Bank of Scotland conveyancing panel
I am buying a new build apartment in Darwen. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Darwen
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Am I best advised to use a Darwen conveyancing solicitor in close proximity to the house I am buying? I have an old university friend who can deal with the legal work however his firm is located 300kilometers away.
The benefit of a local Darwen conveyancing firm is that you can visit the firm to execute paperwork, hand in your ID and pester them where appropriate. Having local Darwen know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were impressed that should trump using an unfamiliar Darwen conveyancing solicitor just because they are Darwen based.
Can you offer any advice when it comes to finding a Darwen conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Darwen conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Darwen conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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If they are not ALEP accredited then what is the reason? How experienced is the practice with lease extension legislation?
I acquired a ground floor flat in Darwen, conveyancing formalities finalised July 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Darwen with an extended lease are worth £179,000. The ground rent is £65 yearly. The lease terminates on 21st October 2082
You have 57 years remaining on your lease we estimate the premium for your lease extension to span between £26,600 and £30,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.