The owners of the home we are hoping to buy have instructed a conveyancing practitioner in Glenfield who has insisted on a exclusivity contract with a non-refundable deposit 6,000. Are such agreements sensible?
There are two primary downsides with executing a lock out agreement (sometimes known as an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing work, so in the absence of it needing limited or no negotiation then it may turn out to be a cause of frustration and delay. It is not strongly advocated by Glenfield conveyancing practitioners as a result. A further issue is the extent of the remedies available - a jilted buyer should not expect to win an injunction to prevent the owner disposing of the property to another buyer, so the only remedy open via the agreement will be the recovery of abortive costs and, in rare scenarios, the additional payment of damages.
As someone with no idea as to the Glenfield conveyancing process what is the number one tip you can impart for the ownership transfer in Glenfield
Not many law firms shout this from the rooftops but conveyancing in Glenfield or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there exists plenty of opportunity for friction between you and other parties involved in the transaction. For instance, the seller, estate agent and sometimes the bank. Choosing a solicitor for your conveyancing in Glenfield is a critical decision as your conveyancer is your adviser, and is the ONE party in the transaction whose role it is to act in your legal interests and to keep you safe.
We are witnessing a definite ongoing adversarial element to conveyancing- someone has to be blamed for the process being so protracted. You should always trust your conveyancer above all other players in the conveyancing process.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Glenfield. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 22/2/2024, the requirements read as follows :
I'm buying my first flat in Glenfield benefiting from help to buy. The sellers refused to budge the price so I negotiated 6k of extras instead. The property agent suggested that I not inform my lawyer about this side-deal as it will affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Glenfield I like with amenity areas and transport links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Glenfield in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I own a leasehold flat in Glenfield. Conveyancing was completed in 2009. I have been told that I mustn’t let the the remaining lease term to fall too short. Why is that a problem?
Glenfield domestic long term leases are for a prescribed term - usually just under one hundred years when they are first granted. However a significant appartments in Glenfield were constructed or converted 25 or more years ago and so such leases now have fewer than eighty years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage institutions tend to require leases to have a minimum of 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To optimize the marketability of your property you should be considering whether to extend your lease well in advance of selling the property. There are also significant benefits to taking action before the lease hits eighty years as when the lease is below 80 years the premium to be paid to extend starts to get a lot more expensive.