The owners have very assertive vendors who has suggested a preliminary agreement with a down payment two thousand pounds. Are such agreements sensible?
There are a couple of primary drawbacks with entering into any lock out contract (sometimes known as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing transaction itself, so unless it requires little or no negotiation then it may transpire to be a hindrance. It is not strongly advocated amongst Droitwich conveyancing practitioners as a result. A supplemental issue is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to obtain injunctive relief to stop the owner disposing of the property to another buyer, so the only remedy available under the contract will be the recovery of abortive charges and, in restricted scenarios, the additional payment of damages.
Various online forums that I have come across warn that are the number one reason for hinderance in Droitwich house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Droitwich.
Are there restrictive covenants that are commonly identified as part of conveyancing in Droitwich?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Droitwich. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the encouragement of my in-laws I had a survey completed on a house in Droitwich prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some banks will refuse to grant a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you contact us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Droitwich. Conveyancing may be slightly more expensive based on your lender's requirements.
If all goes to plan we aim to complete the disposal of our £475,000 flat in Droitwich in 5 days. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Droitwich?
For most leasehold sales in Droitwich conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Droitwich
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Droitwich Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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Its a good idea to find out as much as possible concerning the managing agents as they will either make life much easier or much more difficult. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the communal areas. You should not be shy to ask other tenants what they think of them. On a final note, be sure you discover the dates that the service charges are due to the managing agents and specifically how they are spending the funds. How many of the leaseholders are in arrears for their service charge payments?
22 days into buying a property in Droitwich. Conveyancing solicitor has called to say the property is "Leasehold". Should this make a difference on the marketability of the house?
Droitwich conveyancing does not normally involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's essentially freehold, so it shouldn't impact the saleability too much.
At the other extreme, if it's, say, 50 years it is bound to have a material impact on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be set out in the lease to be supplied to your conveyancing practitioner.