The owners have rather assertive vendors who has suggested a preliminary agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are two primary downsides with entering into any lock out agreement (sometimes referred to as a shut-out contract) is that it diverts attention away from moving forward with the conveyancing work, so in the absence of it needing limited or no negotiation then it could transpire to be unhelpful. It is not particularly popular by Furzedown conveyancing practitioners as a result. The other main issue is the extent of the remedies available - an aggrieved purchaser is not likely to be granted injunctive relief to stop the owner selling to another buyer, so the only remedy available under the contract will be the recovery of wasted charges and, in limited situations, the additional payment of damages.
My aunt advised me that in purchasing a property in Furzedown there could be various restrictions prohibiting external changes to the property. Is this right?
There are a number of properties in Furzedown which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Furzedown should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Can I be sure that the Furzedown conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Furzedown obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor conducting your transaction.
The mortgage over my property is with Leeds Building Society for my property in Furzedown. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
You must advise Leeds Building Society prior to letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel firm.
Just acquired a detached house in Furzedown , how long will it take for the Land Registry to register my proprietorship? My Furzedown conveyancing solicitor has been very slow, so I want to check the registration formalities are dealt with.
As far as conveyancing in Furzedown registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether it is in order and if the Land registry communicate with any other parties. As of today roughly three quarters of such applications are completed within 12 days but some can be subject to longer delays. Registration occurs once the buyer has moved in to the premises so 'speed' is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers must speak with the land registry and explain the circumstances.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Furzedown I like with a park and station nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Furzedown suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term will 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 property for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
What advice can you give us when it comes to appointing a Furzedown conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Furzedown conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Furzedown conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
What are the charges for lease extension conveyancing? If the firm is not ALEP accredited then why not?
Furzedown Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
Who is in charge of the block? This question is helpful as a) areas could result in problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have a dispute with the running of the building you will wish to know about it How much is the ground rent and service charge?