The owners have rather pushy sellers who has recommended a preliminary contract with a deposit of 5k. Are such agreements sensible?
Exclusivity agreements are contracts between a home seller and prospective acquirer giving the buyer a ‘clear field’ to purchase the premises for a limited period of time. For all intents and purposes, an exclusivity is a document specifying that you will receive a contract at a later date which is the contract for the actual sale. It tends to be utilised for buyer protection though in many situations, the seller may stand to benefit from such agreements as well. There are numerous positives and negatives to having an agreement but you should to check with your conveyancer but beware that it may result in incurring extra in conveyancing fees. In light of this these contracts are unusual when it comes to conveyancing in Kidbrooke.
Will my solicitor be making enquiries concerning flooding during the conveyancing in Kidbrooke.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Kidbrooke. Some people will acquire a house in Kidbrooke, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a number of checks that can be initiated by the buyer or by their conveyancers which should give them a better understanding of the risks in Kidbrooke. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to find out if the property has suffered from flooding. If the residence has been flooded in past which is not disclosed by the vendor, then a purchaser may commence a claim for damages as a result of such an inaccurate answer. The buyer’s lawyers will also conduct an environmental report. This will disclose whether there is a recorded flood risk. If so, more detailed investigations should be made.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Kidbrooke?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Kidbrooke. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey carried out on a property in Kidbrooke before appointing solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks tend refuse to issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kidbrooke. Conveyancing will be smoother if you use a solicitor in Kidbrooke especially if they are accustomed to such properties in Kidbrooke.
Should I be suspicious by estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Kidbrooke conveyancing company?
As with many professional services, often referrals from relatives can be most helpful. Nevertheless there are numerous people with a keen interest in a conveyancing transaction; estate agents, financial adviser and lenders may recommend lawyers to appoint. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the endorsement. You are at liberty to choose your preferred conveyancer. Don't forget that many mortgage providers specify a panel list of conveyancers you have to use for the mortgage aspect of your conveyancing.
My partner and I may need to rent out our Kidbrooke 1st floor flat for a while due to a career opportunity. We used a Kidbrooke conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Kidbrooke do not contain subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I am the proprietor of a ground flat in Kidbrooke. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to assess the price payable.
An example of a Freehold Enfranchisement case for a Kidbrooke flat is 18 Handen Road in April 2013. On 26 October 2012 District Judge Zimmels sitting at the Lambeth County Court made a Vesting Order that the Applicants be granted the right to acquire the freehold upon such terms and at such price determined by the LVT. The Tribunal arrived a figure of £39,535 as a valuation for the enfranchisement. This case affected 3 flats. The number of years remaining on the existing lease(s) was 69.05 years.