The owners of the property we are looking to purchase hired a conveyancing solicitor in Abertillery who has suggested a exclusivity agreement with a down payment of 5k. Is it wise to enter into such agreements?
Exclusivity contracts are contracts binding a property seller and purchaser giving the buyer the sole right to the sale of the premises within an agreed time frame. Essentially, a lock out agreement is a contract stating that you should be issued with a contract at a later date which is the contract for the actual sale. It tends to be used for buyer protection though in some cases, the owner may stand to benefit from such agreements as well. There are numerous pros and cons to having an agreement but you need to check with your lawyer but note that it may end up costing you more in conveyancing fees. For this these agreements are unusual in relation to conveyancing in Abertillery.
I am helping my sister sell her house in Abertillery. Will the conveyancing solicitor commission the EPC or do I organise this?
After the demise of Home Packs, energy performance certificates was maintained a required component of moving house. An EPC should be commissioned before the property is put on the market. This is not as aspect of the sale process that conveyancers ordinarily arrange. If you are instructing a Abertillery conveyancing solicitor they may help arrange energy assessments due to their contacts with reputable Abertillery energy assessors
Two weeks ago we had a mortgage agreed in principle with Virgin Money. Abertillery conveyancing solicitors have been selected. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money conducted the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I was told four weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Abertillery is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have recentlyfound out that Wolstenholmes have closed. They carried out my conveyancing in Abertillery for a purchase of a freehold house 12 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The easiest way to check if the property is in your name, you can make 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 Abertillery conveyancing specialists.
Due to the encouragement of my in-laws I had a survey completed on a property in Abertillery before retaining conveyancers. I have been told that there is a flying freehold element to the house. The surveyor has said that some mortgage companies will refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Abertillery. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Abertillery to see if the conveyancing will be more expensive.
Do you have any advice for leasehold conveyancing in Abertillery with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Abertillery can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers’ conveyancers. Many freeholders or managing agents in Abertillery charge for supplying management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Abertillery. If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
I am the registered owner of a garden flat in Abertillery, conveyancing having been completed 7 years ago. How much will my lease extension cost? Equivalent flats in Abertillery with over 90 years remaining are worth £190,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2083
With just 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.