The owners have very brash vendors who has insisted on a lock out agreement with a non-refundable deposit two thousand pounds. Are such agreements sensible?
This kind of contract is not the norm in Potton, conveyancers are often inclined to veer clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Secondly, there is no certainty that just because the proprietor has entered into an exclusivity contract they will sell to you. They may be in contravention of the contract if they receive a large enough incentive to do so because a wronged buyer with the benefit of a lockoutcontract will still have to show losses as a consequence of the breach and these may not amount to the financial upside that your vendor may gain by breaking the contract, no matter how morally unworthy it undoubtedly is.
I am considering applying for a TSB mortgage for purchase of a new build (under development) in Potton with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Are there restrictive covenants that are commonly identified during conveyancing in Potton?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Potton. 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…’
The estate agent has sent us the confirmation of our purchase of a new build apartment in Potton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Potton
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
We're FTB’s - had an offer accepted, yet the selling agent told us that the vendor will only proceed if we appoint their recommended solicitors as they need an ‘expedited deal’. We would rather use a family conveyancer accustomed to conveyancing in Potton
We suspect that the seller is unaware of this requirement. If they desire ‘a quick sale', turning down a serious buyer is likely to cause more damage than good. Try to communicate with the owners directly and make sure they comprehend that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you intend to appoint your preferred Potton conveyancing lawyers - as opposed tothe ones that will give the negotiator at the agency a commission or meet his conveyancing figures demanded by HQ.
I have recently had an offer accepted on a leasehold flat in Potton and the broker that we are using recommended his solicitor. He quoted £800 including VAT and disbursements. Does this sound reasonable?
Don't just go on a single quote. One should seek like-for-like quotes for your conveyancing in Potton. Then choose one that you are comfortable with and just as important, is on the approved panel of the bank that you have applied for a mortgage from.