The vendors of the home we are purchasing have appointed a conveyancing solicitor in Lambeth who has suggested a lock out contract with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
There are a couple of main concerns with signing a lock out agreement (sometimes referred to as a no-shop agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so unless it requires limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular amongst Lambeth conveyancing lawyers as a result. A supplemental concern is the extent of the remedies available - a jilted purchaser is extremely unlikely to win injunctive relief to stop the vendor completing the sale to an alternative purchaser, so the only remedy open via the agreement will be the recovery of abortive costs and, in restricted situations, the additional payment of damages.
Can your site be used to recommend a Conveyancing solicitor in Lambeth even if I’m not purchasing or disposing of a house, for instance if I intend to buy an office in Lambeth with a loan from Aldermore?
Our comparison service is mainly there to find residential conveyancing solicitors in Lambeth but we have recorded at the bottom of this page a few Lambeth commercial conveyancing firms. You should make contact with the firm directly to establish if they can also act for Aldermore
My colleague advised me that where I am purchasing in Lambeth I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Lambeth conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Lambeth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Lambeth.
I'm buying my first flat in Lambeth with the aid of help to buy. The builders refused to reduce the amount so I negotiated £7000 of extras instead. The house builders rep advised me not reveal to my conveyancer about the side-deal as it may adversely affect my mortgage with Bank of Ireland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Lambeth I like with amenity areas and station nearby, the downside is that it only has 49 years on the lease. There is not much else in Lambeth suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.