The owners of the property we are purchasing have appointed a conveyancing firm in Southam who has recommended a lock out contract with a down payment 6,000. Are such agreements sensible?
Exclusivity contracts are agreements binding a home vendor and prospective buyer granting the buyer the sole right to purchase the property for a set period of time. For all intents and purposes, a lock out is a document stating that you will be issued with a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer confidence though in some cases, the seller may enjoy an upside from such agreements as well. There are various positives and negatives to using them but you need to check with your solicitor but note that it may result in costing you extra in conveyancing charges. In light of this these agreements are unusual in relation to conveyancing in Southam.
There are a variety of conveyancing solicitors in Southam but how do I know who I should use?
We would encourage you not to base your choice on the lowest Southam conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
My bid for a property was accepted at auction in Southam. Conveyancing is required. What are my next steps?
Now that you are legally committed yourself to purchase you will need to appoint a conveyancing practitioner soon as you are facing a fast approaching a drop dead date to complete the deal. All auction property should have a corresponding legal set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You must hand this to the solicitor working for you ASAP. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
We previously chose conveyancers locally in Southam on the Skipton solicitor panel. They have just invoiced me a further fee for dealing with the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. The fee is not set by Skipton but by your Southam conveyancer. Some firms on the Skipton panel will quote ’dealing with mortgage’ fee and others do not.
I own a semi-detached Victorian property in Southam. Conveyancing solicitor acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the matching address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southam and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing lawyer who carried out the work.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Southam is where the house is located. Can you offer any assistance?
Flying freeholds in Southam are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southam you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southam may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How simple is it to use your search app to select a conveyancing solicitor in Southam on the authorised to act for my lender?
First select a mortgage company such as Halifax, Coventry Building Society or Barclays Direct then type in your preferred area for example Southam. Conveyancing firms in Southam and further afield will then be listed.
Can you provide any top tips for leasehold conveyancing in Southam from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Southam can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ solicitors. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved. Some Southam leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Arranging a duplicate share certificate can be a lengthy formality and delays many a Southam conveyancing transaction. Where a reissued share is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
Southam Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
-
You will want to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day issues such as the upkeep of the common parts. You should not be afraid to ask other tenants what they think of their service. Finally, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money. It is important to be aware if fixing the lift or some other significant cost is coming up to be shared between the leaseholders and may well materially increase the the maintenance costs or result in a one off payment. Who takes charge for maintaining and repairing the building?