We have very pushy sellers who has recommended a preliminary contract with a down payment 6,000. Is it wise to enter into such agreements?
There are two primary downsides with executing a lock out contract (sometimes termed an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing process, so in the absence of it needing little or no negotiation then it may turn out to be a hindrance. It is not particularly popular amongst Chorlton conveyancing solicitors as a result. The other main negative is the extent of the remedies available - an aggrieved purchaser should not expect to be issued with injunctive relief to bar the vendor disposing of the property to an alternative purchaser, so the only remedy open via the contract will be the reimbursement of abortive costs and, in restricted situations, the additional payment of penalties.
Are there restrictive covenants that are commonly picked up during conveyancing in Chorlton?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Chorlton. 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…’
Due to the advice of my in-laws I had a survey completed on a property in Chorlton before instructing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies may not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chorlton. Conveyancing will be smoother if you use a solicitor in Chorlton especially if they regularly deal with such properties in Chorlton.
My company is hoping to take over a lease of a shop on a shopping parade. Can you recommend solicitors offering no-sale-no fees for commercial conveyancing in Chorlton for below £1,200?
We can recommend firms who host a wealth of experience of commercial conveyancing in Chorlton, including the disposal and purchase of businesses as well as simply premises. Whether you are intending to purchase or sell a shop, pub, restaurant, office, retail premises or a complete business we can put you in touch with the right firm. As for the costs these will vary based on the structure and complexity of the deal. Let us have your contact information or telephone us so that we may provide you with a detailed commercial conveyancing quote.
What are the common defects that you witness in leases for Chorlton properties?
There is nothing unique about leasehold conveyancing in Chorlton. Most leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
A provision to repair to or maintain parts of the premises
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Chorlton Leasehold Conveyancing - Examples of Questions you should ask before buying
How many of the leaseholders are in arrears for their service charge payments? The prefered form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this situation the lessees have control and although a managing agent is frequently employed where it is bigger than a house conversion, the managing agent retained by the leaseholders. This information is important as a) areas can result in problems in the building as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the running of the building you will wish to have all the details