We have rather pushy vendors who has recommended a lock out agreement with a down payment 10k. Is it wise to enter into such agreements?
This kind of agreement isn't common in St Margarets, conveyancers are often inclined to veer clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Secondly, there is no assurance that just because the vendor has signed an exclusivity contract they will complete the sale with you. They may be motivated to break the agreement if they are offered a large enough offer to do so because a wronged party with the benefit of a lockout agreement will still have to establish consequential losses from the breach and this may not compare to the extra amount that your vendor may secure by breaching the agreement, no matter how morally unworthy it undoubtedly is.
I am helping my step-mother sell her flat in St Margarets. Does the solicitor commission the EPC or should I organise this?
Following the abolition of Home Packs, energy assessments remained a compulsory component of selling a house. An EPC should be to hand before the property is advertised. It is not something that solicitors normally arrange. If you are using a St Margarets conveyancing lawyer they may be willing to arrange EPC’s due to their contacts with long established local accredited person
I have decided to exercise my right to buy my property in St Margarets off the council. I have a mortgage offer with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my St Margarets building society branch on numerous occasions and was told they are content with the situation and they would lend. My St Margarets conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the property lawyer is on the lender approved list, she or he must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should my conveyancer be asking questions regarding flooding as part of the conveyancing in St Margarets.
Flooding is a growing risk for conveyancers dealing with homes in St Margarets. There are those who purchase a property in St Margarets, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a various checks that may be undertaken by the buyer or by their lawyers which should give them a better appreciation of the risks in St Margarets. The standard completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to determine if the premises has suffered from flooding. If the residence has been flooded in past and is not revealed by the owner, then a purchaser could bring a legal claim for losses as a result of such an inaccurate response. The buyer’s solicitors will also order an enviro search. This will disclose whether there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
I have recentlybeen informed that Arc property Solicitors have closed. They conducted my conveyancing in St Margarets for a purchase of a freehold house 12 months ago. How can I be sure that the property is registered correctly in the name of the former proprietor?
The easiest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of St Margarets conveyancing specialists.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in St Margarets I like with open areas and station nearby, the downside is that it only has 61 years on the lease. There is not much else in St Margarets for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I am 3 weeks into a leasehold purchase having been referred to conveyancers by the local agent to carry out the conveyancing in St Margarets. I am am very dissatisfied with the quality of service. Could you help me find new conveyancers?
A conveyancer would have to be very poor in order to consider diss instructing them. Has the loan offer been generated? If so you need to inform them of the new lawyer and ensure the offer are re-sent. The solicitor ideally needs to be on the banks panel to avoid supplemental charges and delays. So that should be your first question of the new conveyancers. The search tool will assist you in finding a bank approved solicitor for your home move in St Margarets