The sellers of the property we are purchasing are using a conveyancing firm in Kingsland who has suggested a preliminary contract with a payment 10k. Are such agreements sensible?
This kind of contract is unusual in Kingsland, conveyancers are not keen on them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor is left exposed. In addition, there is no assurance that just because the proprietor has executed a lock out contract they will complete the sale with you. They may be in contravention of the agreement if they are offered a large enough offer to do so because a wronged buyer with the benefit of a exclusivity agreement will still be obliged establish consequential losses from the breach and these may not equate the financial upside that the owner may gain by breaking the agreement, however morally shameful the behaviour is.
I have just over seventy years unexpired on my lease and require a lease extension for my flat in Kingsland. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/4/2019 the requirements read as follows :
How does conveyancing in Kingsland differ for new build properties?
Most buyers of new build premises in Kingsland come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Kingsland tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Kingsland or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Kingsland ahead of appointing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks tend refuse to grant a loan on such a house.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kingsland. Conveyancing will be smoother if you use a solicitor in Kingsland especially if they are accustomed to such properties in Kingsland.
Am I right to be wary about brokers that I am dealing with are recommending a national conveyancing firm as opposed to a local Kingsland conveyancing practice?
As is the case with lots of service providers, often suggestions from relatives can be most helpful. Yet there are numerous players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may put forward lawyers to choose. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the discretion to appoint your preferred conveyancer. However, bear in mind that many lenders have an approved list of conveyancers you must use for the mortgage related work in your conveyancing.