The vendors of the house we are purchasing have instructed a conveyancing practitioner in Tottenham Hale who has recommended a lock out contract with a non-refundable deposit two thousand pounds. Are such agreements sensible?
There are two primary concerns with entering into any lock out agreement (occasionally termed an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not strongly advocated amongst Tottenham Hale conveyancing practitioners for this reason. The other main issue is the extent of the remedies available - a jilted purchaser is very unlikely to obtain an injunctive ruling by a court to prevent the seller selling to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in limited situations, the additional payment of damages.
We are purchasing a property and require a conveyancing solicitor in Tottenham Hale who is on the TSB approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for TSB . We don't recommend any particular firms conducting conveyancing in Tottenham Hale.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Tottenham Hale. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Tottenham Hale
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared.
I decided to have a survey carried out on a property in Tottenham Hale before appointing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will refuse to issue a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Tottenham Hale. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Tottenham Hale. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Freehold Enfranchisement decision for a Tottenham Hale premises is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The unexpired term was 74.13 years.
In relation to leasehold conveyancing in Tottenham Hale what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Tottenham Hale. Most leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I am an executor of my recently deceased aunt’s Will, with a bungalow in Tottenham Hale which is to be sold. The property is unregistered at HMLR and I'm told that many EAs will insist that it is done before they will move forward. What's the mechanism for this?
In the situation you refer to it seems advisable to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.