The vendors of the property we are looking to purchase have instructed a conveyancing practitioner in Gospel Oak who has suggested a exclusivity contract with a down payment of 5k. Are such arrangements generally advanced for Gospel Oak conveyancing transactions?
Lock out agreements are agreements binding a home seller and prospective acquirer giving the buyer exclusive rights to purchase the property for a set period of time. For all intents and purposes, a lock out is a document specifying that you will be issued with a contract at a later time which is the contract for the actual sale. It tends to be used for buyer protection though in many situations, the proprietor may stand to benefit from such agreements as well. There are many positives and negatives to using them but you should to check with your conveyancer but beware that it may result in costing you more in conveyancing charges. For this these contracts are not popular in relation to conveyancing in Gospel Oak.
I am considering applying for a Santander mortgage for purchase of a newly converted (under development) in Gospel Oak with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Should our solicitor be raising questions about flooding during the conveyancing in Gospel Oak.
Flooding is a growing risk for solicitors conducting conveyancing in Gospel Oak. Some people will purchase a house in Gospel Oak, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Gospel Oak. The conventional set of property information forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to determine whether the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the vendor, then a buyer may bring a claim for damages resulting from an incorrect reply. The buyer’s conveyancers should also commission an enviro search. This should indicate whether there is any known flood risk. If so, further inquiries should be conducted.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who dealt with the conveyancing in Gospel Oak 5 years ago are no longer around. What are my next steps?
In today’s world there are duplicates made of almost everything, and your conveyancer should be aware precisely where to locate all the relevant documentation so you can purchase or sell your property without any difficulty. If copies can’t be located, your conveyancer may be able to arrange cover in the form of insurance or indemnities against possible claims on your property.
My company is intending to lease a unit on a shopping parade. Can you recommend lawyers offering competitive costs for non-domestic conveyancing in Gospel Oak for under 2k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Gospel Oak, including the sale and acquisition of businesses as well as simply property. If you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we can find you the right firm. As for the fees these will vary based on the structure and terms of the proposed transaction. Let us have your details or email so as to enable us to furnish you with a fixed commercial conveyancing calculation.
Last January I purchased a leasehold house in Gospel Oak. Am I liable to pay service charges for periods before completion of my purchase?
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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Gospel Oak. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Gospel Oak conveyancing firm who can help.
An example of a Lease Extension case for a Gospel Oak premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The unexpired lease term was 64.77 years.