We have rather brash sellers who has suggested a preliminary agreement with a down payment 10k. Are such agreements sensible?
Exclusivity contracts are agreements binding a property seller and purchaser granting the buyer exclusive rights to purchase the premises within an agreed time frame. Essentially, a lock out is a document stating that you will receive a contract at a later date being the main conveyancing contract. It tends to be used for buyer assurance though in many situations, the seller may enjoy an upside from such agreements as well. There are various pros and cons to using an agreement but you need to check with your solicitor but note that it may end up incurring more in conveyancing fees. For this these agreements are not popular when it comes to conveyancing in Reading.
We note that you have a post code search directory listing law firms on the Principality conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Reading?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Reading.
Do I need to pop into the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Reading so that I can attend their offices when needed.
These days conveyancing panel lawyers for lenders carry out their communications through Royal Mail, e-mail or over phone calls. This means that they can undertake the conveyancing transaction no matter where you live in the country. However you can see if you have the option of attending the offices of your conveyancing lawyer if needed.
Can I be sure that the Reading conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Reading getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor carrying out your transaction.
We have agreed to purchase a house in Reading. A rare aspect is that the roof has a solar panel. Barclays have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Barclays your lawyer must check the formal requirements set out in Part two of UK Finance Lenders’ Handbook for Barclays. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and solicitors are required to report to Barclays where a lease fails to satisfy these specifications. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Reading.
I had an offer accepted on a house in Reading on 10/8/2022, valuation was booked 4 days after, all came back fine. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Clydesdale and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Clydesdale conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have justfound out that Wolstenholmes have closed. They carried out my conveyancing in Reading for a purchase of a leasehold apartment 12 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The easiest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Reading conveyancing specialists.
Last April I purchased a leasehold house in Reading. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a 2 bed flat in Reading, conveyancing was carried out in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Reading with an extended lease are worth £170,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2100
With 78 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.