The owners have rather assertive sellers who has suggested a lock out contract with a down payment of 5k. Is it wise to enter into such agreements?
This form of preliminary agreement is not the norm in Llanon, conveyancers are often inclined to direct clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no certainty that just because the owner has signed an exclusivity agreement they will sell to you. They may be in contravention of the contract if they receive sufficient incentive to do so because a wronged purchaser with the benefit of a exclusivitycontract will still be obliged show losses as a consequence of the breach and these may not compare to the financial benefit that your seller may secure by breaking the contract, however morally reprehensible the behaviour is.
I am buying my first flat in Llanon with a mortgage from Coventry Building Society. The builders would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep told me not to tell my lawyer about the extras as it would impact my loan with the lender. 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Llanon is the location of the property. Can you offer any advice?
Flying freeholds in Llanon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Llanon you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llanon may ascertain 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 property.
Am I best advised to use a Llanon conveyancing lawyer based in the area that I am buying? An old friend can handle the legal formalities however they are based a couple of hundredkilometers away.
The benefit of a local Llanon conveyancing practice is that you can pop in to sign paperwork, hand in your identification documents and pester them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and the majority were content that must trump using an unknown Llanon conveyancing solicitor solely due to them being round the corner.
I am on look out for some leasehold conveyancing in Llanon. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Llanon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a split level flat in Llanon, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Llanon with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2075
With just 56 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.