The owners of the property we are hoping to buy are using a conveyancing practitioner in Godalming who has insisted on a lock out contract with a down payment 10k. Is it wise to enter into such agreements?
There are two primary concerns with signing a lock out contract (sometimes termed a no-shop agreement) is that it takes away the focus from progressing with the conveyancing process, so unless it requires little or no negotiation then it may transpire to be a cause of frustration and delay. It is not particularly popular amongst Godalming conveyancing solicitors as a result. A further issue is the extent of the remedies available - a jilted buyer is not likely to win an injunction to stop the owner selling to another buyer, so the only remedy available under the contract will be the reimbursement of abortive costs and, in limited circumstances, the additional payment of penalties.
I am being advised by my lawyer that chancel insurance is required on my purchase. What is the level of cover for Godalming conveyancing?
The appropriate level of chancel indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Godalming solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Godalming postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Godalming.
Bank of Ireland have agreed my home loan in principle, my bid on a property in Godalming has been accepted, what happens next?
Your property agent will want to be informed of your solicitor's details (ensure that the conveyancing practitioners are on the lender’s panel). Telephone Bank of Ireland or the broker and finish off any relevant forms. Bank of Ireland will sellect a valuer who will get in contact with the selling agent or owners to book a time for the valuation to take place. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Godalming.
I have todaydiscovered that Arc property Solicitors have closed. They carried out my conveyancing in Godalming for a purchase of a leasehold flat 10 months ago. How can I check that the property is not still registered in the name of the previous owner?
The easiest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Godalming conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build flat in Godalming. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Godalming
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Godalming I like with open areas and railway links nearby, however it only has 49 years unexpired on the lease. There is not much else in Godalming suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am looking into buying my first house which is in Godalming and I am already nervous. I couldn't find anything specific about Godalming. Conveyancing will be needed in due course but do you know about the Godalming area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Godalming. In the meantime here are some basic statistics that we found