We have rather assertive sellers who has recommended a preliminary agreement with a payment 10k. Is it wise to enter into such agreements?
This kind of arrangement is not the norm in Paignton, conveyancers will often direct clients away from them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the lawyer is left exposed. In addition, there is no assurance that just because the proprietor has signed an exclusivity contract they will complete the sale with you. They may be tempted to break the agreement if they are offered a large enough offer to do so because an aggrieved party with the benefit of a exclusivity agreement will still be legally obliged to establish consequential losses from the breach and this may not amount to the financial upside that your seller may obtain by breaking the contract, no matter how morally unworthy the behaviour is.
I own a freehold property in Paignton yet charged rent, why is this and what is this?
It is rare for properties in Paignton and has limited impact for conveyancing in Paignton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Paignton. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 14/1/2021, the requirements read as follows :
I require quick conveyancing in Paignton as I have a deadline to sign on the dotted line in less than one month. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not taking a home loan you have the choice not to do searches although no solicitor would suggest that you don't. Drawing on our experience of conveyancing in Paignton the following are instances of what can show up and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
I am purchasing my first flat in Paignton with the aid of help to buy. The developers would not reduce the amount so I negotiated 6k of extras instead. The property agent told me not inform my solicitor about the side-deal as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
I am looking for a ground for flat up to £195,000 and found one close by in Paignton I like with amenity areas and railway links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Paignton in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.