The vendors of the property we are looking to purchase are using a conveyancing firm in Thornbury who has suggested a preliminary contract with a non-refundable deposit 10k. Are such agreements sensible?
Lock out agreements are agreements binding a property owner and prospective acquirer giving the buyer exclusive rights to the sale of the property within a prescribed time frame. For all intents and purposes, a lock out is a document specifying that you should be issued with a contract at a later date which is the main conveyancing contract. It is generally utilised for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your lawyer but note that it may end up incurring extra in conveyancing fees. In light of this these contracts are not popular in relation to conveyancing in Thornbury.
I am considering applying for a Barclays mortgage for purchase of a new build (under development) in Thornbury with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My aunt advised me that in purchasing a property in Thornbury there could be a number of restrictions prohibiting external changes to a property. Is this right?
We are aware of a number of properties in Thornbury which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Thornbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the single beneficiary of my late mum's will and I have everything in my name alone, including the house in Thornbury. The Thornbury property was put into my name in October. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', meaning my property ownership may be considered the same way as though I had purchased the house in October. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. many mortgage companies would take a pragmatic view as this obligation is principally there to pick up on subsales or the quick reselling of property.
About to purchase house in Thornbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Thornbury property lawyer is on the HSBC conveyancing panel.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Thornbury is the location of the property. Is there any guidance you can impart?
Flying freeholds in Thornbury are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Thornbury 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 Thornbury may determine 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 premises.
I am employed by a busy estate agency in Thornbury where we have witnessed a few leasehold sales put at risk due to short leases. I have received inconsistent advice from local Thornbury conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Thornbury Leasehold Conveyancing - A selection of Questions you should ask before buying
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Its a good idea to find out as much as possible regarding the company managing the block as they will either make your life much simpler or much more difficult. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the upkeep of the common parts. Enquire of prospective neighbours whether they are happy with them. On a final note, be sure you understand the dates that the service fees are due to the appropriate party and precisely what you get for your money. It would be a good idea to discover if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Thornbury. If you like the flatin Thornbury yet your cat can’t make the move with you then you will be presented with a hard determination. The answer will be useful as a) areas can result in problems for the building as the communal areas may begin to deteriorate if services are not paid for b) if the leaseholders have an issue with the running of the building you will wish to have all the details
I note that you have a search directory listing law firms on the lender conveyancing panel. Do Thornbury conveyancing companies pay you a commission if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Thornbury.