The owners of the home we are purchasing are using a conveyancing practitioner in Wiveliscombe who has insisted on a preliminary agreement with a down payment of 5k. Are such agreements appropriate for Wiveliscombe conveyancing transactions?
There are a couple of main concerns with entering into any lock out agreement (sometimes termed an exclusivity agreement) is that it can distract from making progress with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not particularly popular by Wiveliscombe conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - a jilted buyer should not expect to be granted an injunction to bar the vendor selling to another buyer, so the only remedy open via the agreement will be the recovery of abortive costs and, in restricted scenarios, the extra payment of damages.
A friend suggested that where I am buying in Wiveliscombe I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Wiveliscombe conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Wiveliscombe around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information about Wiveliscombe.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Wiveliscombe?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Wiveliscombe. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Wiveliscombe with a mortgage from Coventry Building Society. The sellers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not reveal to my conveyancer about this extras as it may impact my mortgage with Coventry Building Society. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Wiveliscombe is the location of the property. Can you offer any guidance?
Flying freeholds in Wiveliscombe are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wiveliscombe you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wiveliscombe may decide 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 residence.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Wiveliscombe. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Wiveliscombe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Wiveliscombe in which case you should be looking for a Wiveliscombe conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I acquired a split level flat in Wiveliscombe, conveyancing having been completed in 2004. How much will my lease extension cost? Equivalent flats in Wiveliscombe with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2091
With 66 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.