The owners have very assertive sellers who has recommended a exclusivity contract with a deposit of 5k. Are such contracts promoted for Lisson Grove conveyancing transactions?
This type of agreement isn't common in Lisson Grove, conveyancers are often inclined to veer clients away from them as they detract from focusing on the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Secondly, there is no guarantee that just because the vendor has executed a lock out agreement they will sell to you. They may be in contravention of the contract if they are offered a big enough financial inducement to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and this may not equalise the extra amount that your seller may gain by breaking the agreement, no matter how morally condemnable that may be.
What happens if my solicitor is expelled from the Nationwide Conveyancing panel ahead of completing my conveyancing in Lisson Grove?
First, this is very unlikely to happen. 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 for a fee.
Various online forums that I have come across warn that are the number one cause of obstruction in Lisson Grove conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Lisson Grove.
Are there restrictive covenants that are commonly identified during conveyancing in Lisson Grove?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Lisson Grove. 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 opted to have a survey done on a property in Lisson Grove in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some banks may refuse to issue a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lisson Grove. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold flat in Lisson Grove. Conveyancing was completed in 2011. I have been told that I mustn’t let the lease length fall too short. Why is that a problem?
Lisson Grove domestic long term leases are for a prescribed period - usually ninety nine years when they commenced. However many appartments in Lisson Grove were constructed or converted in the 60’s and so such leases now have under 80 years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage companies on the whole require leases to have at least 75 years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To increase your property value you should be considering whether to extend your lease well in advance of selling the property. Furthermore advantages to taking action before the lease hits 80 years as when the lease falls below eighty years the premium you have to pay to extend starts to escalate.