The vendors of the property we are hoping to buy are using a conveyancing practitioner in Lakenham who has recommended a exclusivity contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
Lock out agreements are agreements between a home owner and prospective buyer granting the buyer a ‘clear field’ to the sale of the premises within a prescribed time frame. For all intents and purposes, a lock out is a document specifying that you should be issued with a contract at a later date being the main conveyancing contract. It tends to be utilised for buyer assurance though in some cases, the seller may stand to benefit from such agreements as well. There are various pros and cons to using them but you should to check with your conveyancer but beware that it may end up incurring extra in conveyancing charges. For these reasons these agreements are not popular in relation to conveyancing in Lakenham.
How up to date is your search tool for Lakenham conveyancing solicitors on the Aldermore conveyancing panel? Do Aldermore send you an updated list?
Lakenham conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
Last month we had a mortgage agreed in principle with RBS. Lakenham conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS completed the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am expecting a DIP from Co-operative this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any Lakenham solicitors on the Co-operative conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lakenham solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Lakenham conveyancing practitioner on the Principality panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I opted to have a survey carried out on a house in Lakenham in advance of appointing solicitors. I have been advised that there is a flying freehold element to the property. The surveyor advised that some banks may refuse to give a loan on this type of premises.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lakenham. Conveyancing will be smoother if you use a solicitor in Lakenham especially if they are accustomed to such properties in Lakenham.
In my capacity as executor for the estate of my father I am selling a residence in Monmouth but live in Lakenham. My solicitor (based 260 miles from meneeds me to sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing practitioner in Lakenham who can witness and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are located in Lakenham
I am tempted by the attractive purchase price for a two apartments in Lakenham which have in the region of 50 years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area.
Lakenham Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
-
How much is the maintenance charge and ground rent on the flat? This question is useful as a) areas may cause problems for the building as the common areas may start to deteriorate where maintenance remain unpaid b) if the leasehold owners have an issue with the managing agents you will want to have all the details Does the lease have onerous restrictions?