The sellers of the house we are hoping to buy hired a conveyancing solicitor in East Cowes who has suggested a preliminary agreement with a down payment two thousand pounds. Is it wise to enter into such agreements?
Lock out contracts are agreements binding a property seller and purchaser giving the buyer a ‘clear field’ to the sale of the property within an agreed time frame. For all intents and purposes, a lock out agreement is a contract stating that you should be issued with a contract at a later time being the main conveyancing contract. It tends to be utilised for buyer assurance though in some cases, the proprietor may stand to benefit from such agreements as well. There are various positives and negatives to having them but you should to check with your lawyer but note that it may result in incurring more in conveyancing charges. In light of these reasons these agreements are unusual in relation to conveyancing in East Cowes.
At what point can the exchange of contracts happen for domestic conveyancing in East Cowes and do I need to attend the conveyancers branch?
Where you are local to one of the conveyancing solicitors in East Cowes you are invited in to sign contracts. However, the firms we work with supply a nationwide conveyancing service and provide as equally detailed and professional a job for you when dealing with you digitally. The executing of the sale agreement is not the critical part. Signing on the dotted line simply enables the conveyancer to exchange contracts at the suitable time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in East Cowes)to be in the office at the appropriate time.
I am considering applying for a Principality mortgage for purchase of a newly converted (under development) in East Cowes with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
There is nothing to stop you using your solicitor, but Principality 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.
What will a local search tell me regarding the property I am buying in East Cowes?
East Cowes conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance Onsearch The local search is essential in every East Cowes conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Due to the encouragement of my in-laws I had a survey completed on a property in East Cowes in advance of instructing conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some lenders may not grant a mortgage on this type of premises.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you contact us we can look into this 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 East Cowes. Conveyancing will be smoother if you use a solicitor in East Cowes especially if they are acquainted with such properties in East Cowes.
Last September I purchased a leasehold property in East Cowes. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a studio flat in East Cowes, conveyancing formalities finalised July 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in East Cowes with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2082
With only 61 years remaining on your lease the likely cost is going to range between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
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 the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.