We have rather pushy sellers who has suggested a lock out agreement with a payment 10k. Are such agreements appropriate for St John's Wood conveyancing transactions?
Lock out agreements are agreements binding a home vendor and prospective acquirer giving the buyer exclusive rights to the sale of the property for a set period of time. For all intents and purposes, an exclusivity is a document specifying that you should be issued with a contract at a later time being the main conveyancing contract. It is generally used for buyer assurance though in many situations, the seller may stand to benefit from such agreements as well. There are various pros and cons to having them 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 rare in relation to conveyancing in St John's Wood.
My wife and I have recently appointed a conveyancing solicitor in St John's Wood. I I am struggling to find out whether they are accepted on the Barclays conveyancing panel. Can you help?
You should contact your conveyancer and ask them whether they can act for the bank. Alternatively please get in touch with Barclays who may be able to confirm.
Have just purchased a probate house at auction in St John's Wood. Conveyancing is necessary. What is next?
Given that you have now to all intents and purposes signed on the dotted line you now have to instruct a conveyancing solicitor quickly as you are facing a pending deadline in which to complete the transaction. Every auction property will ordinarily have a corresponding legal pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You should give this to the solicitor working for you ASAP. You also need to ensure that your finances are organised to complete on the date specified in the contract.
We are getting a further advance on our home loan from Coventry BS as we wish to conduct renovations to our house in St John's Wood. Do we need to select a high street St John's Wood solicitor on the Coventry BS conveyancing panel to handle the legals?
Coventry BS would not normally instruct firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS panel.
The mortgage over my property is with Barclays for my property in St John's Wood. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval prior to letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
I note that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a residence in St John's Wood? or I am told that there is historic law that could mean that house owners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel in proximity to the church. Is this relevant for conveyancing in St John's Wood?
Unless a prior purchase of the house took place after 12 October 2013 you can assume that conveyancing practitioners handling conveyancing in St John's Wood to continue to suggest a chancel search and or insurance against a claim.
I work for a busy estate agent office in St John's Wood where we have witnessed a few flat sales derailed due to short leases. I have received conflicting advice from local St John's Wood conveyancing solicitors. Could you confirm 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 extend the lease informally by agreement with the landlord 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 have given up trying to purchase the freehold in St John's Wood. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a St John's Wood conveyancing firm who can help.
An example of a Lease Extension case for a St John's Wood residence is Garden Flat 195 Goldhurst Terrace in May 2012. The Tribunal held in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease should be £60,855.00. This case affected 1 flat. The unexpired lease term was 60.16 years.
What type of property do your St John's Wood conveyancing quotes apply to?
The quotes issued are only appropriate to standard residential property in England & Wales. Should you have any different needs for example industrial or agricultural land or commercial conveyancing in St John's Wood you should contact us to discuss your requirements .