We have rather pushy vendors who has suggested a lock out contract with a deposit 10k. Are such agreements sensible?
There are a couple of primary drawbacks with entering into any lock out contract (also termed a no-shop agreement) is that it takes away the focus from making progress with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular by West Harrow conveyancing practitioners for this reason. A further negative is the extent of the remedies available - an aggrieved buyer is very unlikely to obtain injunctive relief to stop the owner selling to an alternative purchaser, so the only remedy available under the contract will be the recovery of wasted charges and, in rare situations, the additional payment of damages.
Is it the case that all West Harrow solicitors on the TSB conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the TSB approved list of solicitors they would need to be overseen by the SRA. Some mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be governed by the CLC.
I'm spending time looking at flats in West Harrow and I am about to put in an offer. Is it advisable to have a property lawyer on ‘stand by’? I am planning to take a mortgage with Nottingham.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are seeking a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
I have finally had an offer on an apartment in West Harrow accepted, the sellers do nevertheless have an associated purchase. The sellers have placed an offer on on an apartment, however it’s not yet agreed to, and are looking at other flats booked. I have selected a local conveyancing solicitor in West Harrow. What do I do now? At what point should I apply for the mortgage with Co-operative?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, West Harrow conveyancing search charges, etc). The first thing to do is check that your conveyancing practitioner is on the Co-operative approved list. Regarding the subsequent phase this very much dictated by the circumstances of your case, desire for the property and on the state of the market. In a hot market many home buyers would apply for the mortgage with Co-operative and pay for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with the conveyancing in West Harrow.
Will my conveyancer be raising enquiries concerning flooding as part of the conveyancing in West Harrow.
The risk of flooding is if increasing concern for solicitors dealing with homes in West Harrow. There are those who purchase a property in West Harrow, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in West Harrow. The standard information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out whether the premises has historically flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a buyer may issue a legal claim for losses as a result of such an misleading answer. A buyer’s conveyancers may also conduct an environmental search. This should indicate whether there is any known flood risk. If so, further inquiries will need to be initiated.
I'm buying a new build house in West Harrow with a loan from The Mortgage Works. The developers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not reveal to my conveyancer about the side-deal as it may affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to instruct a conveyancing lawyer in West Harrow for my sale. Can I see a firm’s record with the legal regulator?
Anyone may review presented Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The SRA may recorded telephone calls for training requirements.
I am a negotiator for a reputable estate agent office in West Harrow where we see a number of flat sales jeopardised due to short leases. I have received contradictory information from local West Harrow conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 buyer.
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in West Harrow. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the amount due.
An example of a Lease Extension decision for a West Harrow flat is flat 93b Welldon Crescent in May 2009. The Tribunals valuation for a 90-year lease extension of this fat was £13,171 This case related to 1 flat. The unexpired lease term was 75.25 years.