The vendors of the home we are looking to purchase have appointed a conveyancing firm in Morden who has insisted on a preliminary contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
This kind of contract is not the norm in Morden, conveyancers are not keen on them as they detract from focusing on the main conveyancing focus and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no assurance that just because the owner has executed an exclusivity agreement they will sell to you. They may be tempted to break the agreement if they are offered a large enough offer to do so because a wronged claimant with the benefit of a lockout agreement will still be legally obliged to show losses as a consequence of the breach and this may not equate the extra amount that your seller may gain by reneging on the contract, however morally condemnable it undoubtedly is.
Why do I have to pay up front when it comes to conveyancing in Morden?
If you are buying a property in Morden your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. Generally this is asked for to cover the fees of the Local Authority Search. When the down payment is as part of the purchase price then this will be required immediately prior to contracts are exchanged. Any further balance that is needed will be payable shortly before completion.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Morden. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/7/2019, the requirements read as follows :
I have been on the look out for a ground for flat up to £245,000 and identified one round the corner in Morden I like with amenity areas and station nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Morden suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities 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 speak to your conveyancing lawyer regarding this matter.
My wife and I purchased a leasehold house in Morden. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Morden who previously acted has now retired. Do I pay?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Morden conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the leaseholder of a a ground floor purpose built flat in Morden. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Absolutely. We can put you in touch with a Morden conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Morden property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The unexpired term was 62.94 years.