We have very assertive vendors who has suggested a lock out contract with a deposit of 5k. Are such agreements sensible?
Lock out agreements are agreements between a home vendor and prospective acquirer giving the buyer exclusive rights to purchase the premises within an agreed time frame. Essentially, an exclusivity agreement is a contract stating that you should have a contract at a later time being the contract for the actual sale. It is generally utilised for buyer assurance though in many situations, the owner may enjoy an upside from such agreements as well. There are many positives and negatives to having an agreement but you need to check with your lawyer but note that it may end up incurring more in conveyancing fees. For these reasons these contracts are not popular in relation to conveyancing in Reddish.
It is is a decade since I bought my house in Reddish. Conveyancing lawyers have now been appointed on the sale but I am unable to locate my deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a chance that the deeds will be retained by the mortgage company or they could be in the possession of the conveyancers who acted in the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. The vast majority of conveyancing in Reddish involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
My fiancee and I are spending time viewing houses in Reddish and I am now considering a potential offer. Is it premature to have a solicitor in place? I am planning to take a home loan with Bank of Ireland.
It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are taking out a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
I am currently in the process of buying my council flat in Reddish. I have a mortgage offer with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
Completion of my remortgage has taken place for my property in Reddish. Conveyancing was a necessary evil but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Reddish. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Reddish
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision.
Last March I purchased a leasehold house in Reddish. Am I liable to pay service charges for periods before my ownership?
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. It is an essential part 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 purchased a 2 bed flat in Reddish, conveyancing having been completed in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Reddish with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2097
You have 72 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
What tools are available to find a Reddish conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 15miles to attend the lawyer.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Reddish and you will see a number of lawyer located nearest Reddish. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the bank solicitor panel.