The owners of the property we are purchasing have instructed a conveyancing firm in Frinton On Sea who has insisted on a exclusivity contract with a payment 6,000. Are such agreements sensible?
This form of contract isn't frequently used in Frinton On Sea, conveyancers are not keen on them as they detract from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Furthermore, there is no assurance that just because the vendor has entered into a lock out agreement they will sell to you. They may be in contravention of the contract if they are offered a big enough incentive to do so because a wronged party with the benefit of a exclusivity agreement will still be legally obliged to show losses as a consequence of the breach and this may not equalise the financial upside that your vendor may gain by reneging on the contract, however morally shameful the behaviour is.
Will our solicitor be asking questions regarding flooding as part of the conveyancing in Frinton On Sea.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Frinton On Sea. There are those who acquire a house in Frinton On Sea, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a number of searches that may be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Frinton On Sea. The standard information sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to determine if the property has suffered from flooding. In the event that the property has been flooded in past which is not notified by the seller, then a buyer may issue a compensation claim as a result of such an inaccurate response. The buyer’s lawyers may also carry out an enviro search. This should disclose if there is any known flood risk. If so, additional investigations should be carried out.
My wife and I purchased a semi-detached Victorian property in Frinton On Sea. Conveyancing lawyer acted for me and Coventry Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the matching property. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Frinton On Sea and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing lawyer who conducted the purchase.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Frinton On Sea I like with open areas and transport links nearby, the downside is that it only has 61 years on the lease. There is not much else in Frinton On Sea 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 that many years may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
We are in the middle of purchasing a residence in Frinton On Sea. Conveyancing solicitor has told us the title is "Leasehold". Will this likely impact our Santander valuation?
Frinton On Sea conveyancing does not in most situations involve leasehold houses. The key factor here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the saleability significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a material effect on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your conveyancer.