The sellers of the home we are hoping to buy hired a conveyancing firm in Glenfield who has suggested a preliminary contract with a down payment two thousand pounds. Are such contracts generally advanced for Glenfield conveyancing transactions?
There are two primary downsides with entering into any lock out contract (sometimes referred to as a no-shop agreement) is that it can distract from moving forward with the conveyancing process, so in the absence of it needing limited or no negotiation then it could turn out to be a hindrance. It is not strongly advocated amongst Glenfield conveyancing lawyers as a result. A supplemental negative is the extent of the remedies available - an aggrieved purchaser is not likely to win injunctive relief to prevent the owner selling to another buyer, so the only remedy open via the agreement will be the reimbursement of wasted charges and, in rare circumstances, the extra payment of damages.
I have been referred to a conveyancing solicitor in Glenfield. I need to find out if they are on the Chelsea Building Society conveyancing panel. Can you advise?
The first thing to do is e-mail your lawyer and ask them whether they are on the lender panel. Alternatively you should get in touch with Chelsea Building Society who may be able to help.
I am selling our home in Glenfield and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Glenfield lawyer would know this is not the case. For the life of me I don't know why the purchasers are using a nationwide conveyancing practice as opposed to a conveyancing solicitor in Glenfield. Having lived in Glenfield for 4 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain clarification need.
It would appear that you have a conveyancing firm already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I have been on the look out for a ground for flat up to £195,000 and found one close by in Glenfield I like with open areas and railway links nearby, however it only has 51 years on the lease. I can't really find anything else in Glenfield for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Can you offer any advice when it comes to appointing a Glenfield conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Glenfield conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Glenfield conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
How many lease extensions has the firm conducted in Glenfield in the last twenty four months?
Leasehold Conveyancing in Glenfield - Sample of Queries before Purchasing
Most Glenfield leasehold flats will be liable to pay a service charge for the upkeep of the block invoiced on behalf of the freeholder. Should you purchase the flat you will have to meet this amount, normally in instalments throughout the year. This could be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a rentcharge to be met annual, this is usually not a exorbitant figure, say about £50-£100 but you need to enquire it because sometimes it can be many hundreds of pounds. Who takes charge for maintaining and repairing the building? Is there a share of the freehold?
When it comes to my conveyancing in Glenfield should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Glenfield conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.