The sellers of the house we are purchasing hired a conveyancing firm in Hazel Grove who has suggested a preliminary agreement with a deposit two thousand pounds. Are such agreements sensible?
This type of preliminary agreement is not the norm in Hazel Grove, conveyancers are not keen on them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Secondly, there is no certainty that just because the owner has entered into a lock out agreement they will complete the sale with you. They may be tempted to break the contract if they receive sufficient offer to do so because an aggrieved purchaser with the benefit of a exclusivitycontract will still have to show losses as a consequence of the breach and this may not equalise the financial upside that the owner may secure by breaching the contract, however morally condemnable that may be.
Please explain the implications if my lawyer’s firm is suspended from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Hazel Grove?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Should commercial conveyancing searches reveal impending roadworks that could impact a commercial site in Hazel Grove?
Its becoming the norm that commercial conveyancing solicitors in Hazel Grove will conduct a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Hazel Grove. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hazel Grove.
For each commercial conveyancing transaction in Hazel Grove it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Hazel Grove commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Hazel Grove.
It has been four months since my purchase conveyancing in Hazel Grove concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Hazel Grove with a loan from Norwich and Peterborough Building Society. The developers would not reduce the price so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my solicitor about the side-deal as it would impact my mortgage with Norwich and Peterborough Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 ground for flat up to £305k and identified one round the corner in Hazel Grove I like with open areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Hazel Grove in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.