We have very assertive sellers who has recommended a exclusivity agreement with a non-refundable deposit 10k. Are such agreements sensible?
Exclusivity agreements are agreements binding a home owner and prospective buyer granting the buyer exclusive rights to purchase the premises for a set period of time. For all intents and purposes, a lock out is a document specifying that you will receive a contract at a later time being the main conveyancing contract. It tends to be used for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are numerous pros and cons to having them but you need to check with your lawyer but note that it may end up incurring extra in conveyancing charges. In light of these reasons these agreements are avoided when it comes to conveyancing in Honiton.
I purchased a freehold premises in Honiton but still charged rent, why is this and what is this?
It’s unusual for properties in Honiton and has limited impact for conveyancing in Honiton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I'm purchasing my first flat in Honiton with a mortgage from Bank of Ireland. The developers would not budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not reveal to my conveyancer about the extras as it could adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Honiton is the location of the property. Can you offer any advice?
Flying freeholds in Honiton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Honiton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Honiton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What does commercial conveyancing in Honiton cover?
Honiton conveyancing for business premises covers a wide range of services, supplied by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.