The owners have very assertive sellers who has recommended a preliminary agreement with a down payment of 5k. Are such agreements sensible?
There are a couple of main downsides with signing a lock out agreement (sometimes termed an exclusivity agreement) is that it can distract from moving forward with the conveyancing work, so in the absence of it needing minimal or no negotiation then it may turn out to be a hindrance. It is not promoted by Southend conveyancing solicitors as a result. A supplemental concern is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to obtain an injunction to prevent the owner disposing of the property to a third party, so the only remedy open via the agreement will be the recovery of abortive charges and, in limited circumstances, the additional payment of damages.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Southend. Do I receive the keys to the house on the completion date from my lawyer? If so, I will appoint a local conveyancing solicitor in Southend?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the seller's conveyancers, and shortly after the monies have arrived, you will be invited to receive the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
Please help - my lawyer says that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Southend?
The right level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing practitioners as opposed to borrowers take out such policies.
How can we know in advance if a Southend conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Southend seeking recommendations is a sensible 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 lawyer handling your conveyancing.
Will my solicitor be asking questions concerning flooding as part of the conveyancing in Southend.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Southend. Plenty of people will buy a property in Southend, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a various checks that may be undertaken by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Southend. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine if the property has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer may bring a legal claim for losses resulting from an inaccurate response. The buyer’s lawyers should also order an enviro search. This should reveal whether there is any known flood risk. If so, further inquiries will need to be conducted.
My wife and I have a renovated Victorian property in Southend. Conveyancing practitioner represented me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southend and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing lawyer who conducted the conveyancing.
I am purchasing my first flat in Southend with a mortgage from Barnsley Building Society. The sellers refused to move on the amount so I negotiated 6k of extras instead. The house builders rep advised me not disclose to my solicitor about the deal as it could adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Southend I like with amenity areas and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Southend suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.