The vendors of the house we are hoping to buy have appointed a conveyancing solicitor in Fenham who has recommended a lock out contract with a non-refundable deposit 10k. Are such agreements sensible?
There are a couple of main drawbacks with entering into any lock out contract (occasionally termed a no-shop agreement) is that it can distract from progressing with the conveyancing process, so in the absence of it needing little or no negotiation then it could turn out to be a hindrance. It is not strongly advocated amongst Fenham conveyancing practitioners for this reason. A supplemental negative is the extent of the remedies available - a jilted purchaser is not likely to be granted an injunction to prevent the vendor completing the sale to another buyer, so the only remedy available under the contract will be the recovery of abortive costs and, in limited scenarios, the additional payment of penalties.
I am considering applying for a UBS mortgage for purchase of a new build (under development) in Fenham with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
If you had a top tip for choosing a conveyancing solicitor in Fenham what would it be?
Do not opt for the cheapest Fenham conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
We have a mortgage agreed in principle with Bank of Ireland. Fenham conveyancing practitioners were appointed. How long does it take for Bank of Ireland to send the offer to the lawyer?
There is no definitive answer here. Have Bank of Ireland conducted the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Fenham bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Fenham conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. Who do I believe?
As long as the lawyer is on the lender approved list, they must comply with the CML Handbook provisions for the bank. 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.
I am looking for a ground for flat up to £305k and identified one close by in Fenham I like with a park and transport links nearby, however it's only got 61 years on the lease. I can't really find anything else in Fenham suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Fenham. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Fenham ?
Most houses in Fenham are freehold and not 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 Fenham so you should seriously consider shopping around for a Fenham conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First 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 such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
Leasehold Conveyancing in Fenham - Sample of Questions you should consider Prior to buying
Best to be warned whether a new roof is being put on or some other significant cost is due in the near future that will be shared between the leaseholders and will materially impact the level of the maintenance fees or necessitate a one time payment. Who takes charge for maintaining and repairing the building? Is the freehold reversion owned jointly by the tenants?