The sellers of the property we are purchasing are using a conveyancing solicitor in Ambleside who has suggested a lock out contract with a non-refundable deposit 10k. Are such agreements sensible?
There are two main drawbacks with entering into any lock out agreement (also termed an exclusivity agreement) is that it diverts attention away from moving forward with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not strongly advocated amongst Ambleside conveyancing lawyers as a result. The other main issue is the extent of the remedies available - a jilted buyer is very unlikely to be issued with injunctive relief to stop the seller selling to a third party, so the only remedy available under the contract will be the recovery of abortive costs and, in rare circumstances, the additional payment of penalties.
We hope to to purchase with Melton Mowbray Building Society. I went into 3 or 4 high street practices yet cant to find a Ambleside conveyancing firm on the Melton Mowbray Building Society panel. Could you assist?
You should make the most of the find a lender approved solicitor tool on this web page. Pick the mortgage company and type Ambleside or your location and you will discover a number of lawyer based in Ambleside or nearest you.
How does conveyancing in Ambleside differ for newly converted properties?
Most buyers of new build property in Ambleside approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because house builders in Ambleside usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ambleside or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Ambleside I like with a park and railway links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Ambleside in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Is planning permission required to split a house into a couple of appartments in Ambleside? This has taken place to a house adjacent to my home in Ambleside and was unaware of the conversion until the works were done.
Planning Permission yes. Building Reg Approval yes.