We have very assertive sellers who has recommended a lock out agreement with a down payment 6,000. Are such arrangements recommended for Shooter's Hill conveyancing transactions?
Exclusivity contracts are agreements between a property seller and prospective acquirer granting the buyer the sole right to the sale of the premises for a limited period of time. Essentially, an exclusivity is a document stating that you should have a contract at a later date being the contract for the actual sale. It tends to be used for buyer confidence though in many situations, the seller may stand to benefit from such agreements as well. There are numerous positives and negatives to using an agreement but you need to check with your lawyer but beware that it may end up incurring more in conveyancing fees. In light of these reasons these agreements are rare in relation to conveyancing in Shooter's Hill.
When does exchange of contracts occur in domestic conveyancing in Shooter's Hill and am I required to attend the conveyancers branch?
If you are near to our conveyancing solicitors in Shooter's Hill you are welcome to attend to sign contracts. That being said, the firms we work with offer countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you by post or email. The executing of the contract is not the important part. A signed contract is just a prerequisite for the firm to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Shooter's Hill)to be in the office at the appropriate time.
2 months have gone by since my purchase conveyancing in Shooter's Hill took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Shooter's Hill with a mortgage from Barnsley Building Society. The developers would not move on the price so I negotiated 6k of additionals instead. The property agent advised me not to tell my conveyancer about this extras as it will adversely affect my mortgage with Barnsley Building Society. Is this normal?.
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.
I am employed by a long established estate agency in Shooter's Hill where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Shooter's Hill conveyancing firms. Could you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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 purchaser.
I am the leaseholder of a ground-floor 1960’s flat in Shooter's Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the price.
An example of a Lease Extension case for a Shooter's Hill property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.
When it comes to my conveyancing in Shooter's Hill should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Shooter's Hill conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.