The vendors of the home we are purchasing have appointed a conveyancing firm in St James who has insisted on a exclusivity contract with a non-refundable deposit two thousand pounds. Are such agreements sensible?
Exclusivity agreements are agreements binding a home owner and prospective buyer giving the buyer a ‘clear field’ to purchase the premises for a limited period of time. For all intents and purposes, an exclusivity is a document specifying that you should receive a contract at a later time being the contract for the actual sale. It tends to be used for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are various positives and negatives to having an agreement but you need to check with your solicitor but beware that it may result in incurring more in conveyancing charges. In light of these reasons these contracts are unusual when it comes to conveyancing in St James.
I purchased a freehold residence in St James but still pay rent, why is this and what is this?
It’s unusual for properties in St James and has limited impact for conveyancing in St James but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am assisting my aunt sell her house in St James. Does the conveyancing solicitor arrange the energy assessment or it is for me to coordinate?
After the demise of HIPs, energy assessments became a required part of moving property. An EPC must be commissioned before the property is placed on the market. It is not a task that lawyers ordinarily organise. Where you are instructing a St James conveyancing lawyer they may help arrange energy assessments due to their relationships with reputable St James accredited person
I'm the sole beneficiary of my late mum's will and I have everything in my name now, including the my former home in St James. The St James property was put into my name in August. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership will be considered the same way as though I had purchased the house in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. many mortgage companies would take a practical view as this obligation chiefly exists to identify subsales or the flipping of property.
When it comes to mortgage companies such as Santander, do St James lawyers face a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I used Stirling Law a few years past for my conveyancing in St James. I now require my papers but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in St James of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in St James I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in St James suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Last April I purchased a leasehold property in St James. 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 lessee 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 have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a St James conveyancing firm to assist?
Most definitely. We can put you in touch with a St James conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St James residence is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case affected 2 flats. The unexpired term as at the valuation date was 56 years.