We have very brash vendors who has recommended a lock out agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
Lock out contracts are contracts binding a property vendor and prospective acquirer giving the buyer exclusive rights to the sale of the premises for a set period of time. For all intents and purposes, an exclusivity is a document stating that you should have a contract at a later time which is the main conveyancing contract. It tends to be utilised for buyer confidence though in many situations, the owner may stand to benefit from such agreements as well. There are many positives and negatives to having them but you should to check with your lawyer but beware that it may end up incurring more in conveyancing fees. For these reasons these contracts are not popular in relation to conveyancing in Burnham.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would much rather instruct a Burnham based conveyancing firm?
You should check but the the probability is that appoint one of their panel lawyers if you take up the "fee-free" offer. Contact the lender and explore if they offer you a cash alternative. Some lenders have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Burnham.
When it comes to lenders such as Nottingham, do Burnham conveyancers incur an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Burnham bank branch on numerous occasions and was told they are content with the situation and they will lend. My Burnham conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their specific requirements. I have no idea who is right.
Your conveyancer must follow the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
About to purchase maisonette in Burnham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Burnham property lawyer is on the Skipton conveyancing panel.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who conducted the conveyancing in Burnham 4 years ago no longer exist. Will I be able to sell the house?
Assuming the title is registered the details of your ownership will be retained by the Land Registry under a Title Number. It is easy to execute a search at the Land Registry, identify your property and get up to date copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be retrieved for a small fee.
I am looking for a flat up to £195,000 and identified one close by in Burnham I like with a park and railway links nearby, the downside is that it only has 51 years on the lease. There is not much else in Burnham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.