I have just been advised by my mortgage adviser that my Prescot property lawyer is not on the lender Solicitor panel. What can I do to be certain that this is indeed the case?
The sensible course of action for you to take is to call your Prescot conveyancer. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
The sellers of the house we are looking to purchase have appointed a conveyancing firm in Prescot who has insisted on a preliminary contract with a down payment of 5k. Are such agreements sensible?
Lock out contracts are contracts between a home seller and prospective acquirer granting the buyer a ‘clear field’ to the sale of the property within a prescribed time frame. For all intents and purposes, a lock out agreement is a contract stating that you should receive a contract at a later time being the main conveyancing contract. It is generally utilised for buyer confidence though in many situations, the seller may stand to benefit from such agreements as well. There are various positives and negatives to using them but you need to check with your conveyancer but note that it may end up incurring more in conveyancing fees. In light of this these agreements are avoided in relation to conveyancing in Prescot.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Prescot. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/6/2021, the requirements read as follows :
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Prescot I like with a park and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Prescot in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan that many years will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
What does commercial conveyancing in Prescot cover?
Prescot conveyancing for business premises incorporates a broad range of guidance, provided by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
All being well we will complete our sale of a £375,000 apartment in Prescot next Wednesday. The managing agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Prescot?
For most leasehold sales in Prescot conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Addressing pre-contract enquiries
Where consent is required before sale in Prescot
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Prescot Leasehold Conveyancing - Examples of Queries before buying
The answer will be important as a) areas can cause problems for the block as the communal areas may start to deteriorate if services remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have complete disclosure On the whole the cost for major works are not included within service charges, albeit that some managing agents in Prescot require tenants to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.