We have very pushy sellers who has recommended a exclusivity agreement with a down payment 10k. Is it wise to enter into such agreements?
Exclusivity agreements are contracts binding a property vendor and purchaser giving the buyer exclusive rights to the sale of the property for a certain period of time. Essentially, a lock out agreement is a contract stating that you should be issued with a contract at a later time being the contract for the actual sale. It is generally utilised for buyer confidence though in some cases, the proprietor may enjoy an upside from such agreements as well. There are various pros and cons to having an agreement but you need to check with your conveyancer but note that it may result in incurring extra in conveyancing charges. For these reasons these contracts are avoided in relation to conveyancing in Parsons Green.
Why do I have to pay up front for conveyancing in Parsons Green?
Where you are retaining lawyers for conveyancing in Parsons Green your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the total price then this should be asked for immediately in advance of contracts are exchanged. The final balance that is needed should be sent to your lawyer a few days ahead of the completion date.
A colleague advised me that where I am buying in Parsons Green I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Parsons Green conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Parsons Green around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Parsons Green Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Parsons Green Education with maps and statistics, Local Amenities and other useful information concerning Parsons Green.
I am purchasing a new build house in Parsons Green with the aid of help to buy. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The sale representative told me not inform my conveyancer about the side-deal as it may impact 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.
How do I use your search tool to choose a conveyancing solicitor in Parsons Green on the approved list for my mortgage?
First select a lender such as Birmingham Midshires, The Royal Bank of Scotland or Britannia then specify your location such as Parsons Green. Conveyancing organisations in Parsons Green and across England and Wales should be identified.
I am a negotiator for a busy estate agency in Parsons Green where we have experienced a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Parsons Green conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Parsons Green. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the price payable.
An example of a Freehold Enfranchisement case for a Parsons Green residence is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case affected 2 flats. The unexpired term was 93 years and 162 years.