The vendors of the house we are purchasing are using a conveyancing practitioner in New Eltham who has suggested a preliminary contract with a payment of 5k. Is it wise to enter into such agreements?
There are a couple of primary concerns with executing a lock out agreement (sometimes referred to as a no-shop agreement) is that it takes away the focus from making progress with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could transpire to be unhelpful. It is not promoted by New Eltham conveyancing solicitors for this reason. A further negative is the extent of the remedies available - an aggrieved buyer should not expect to secure an injunctive ruling by a court to bar the seller selling to another buyer, so the only remedy available under the contract will be the reimbursement of wasted charges and, in limited circumstances, the extra payment of damages.
Is it the case that all New Eltham solicitors on the Principality conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Principality approved list of solicitors they would need to be governed by the SRA. Some banks do list licenced conveyancers on their panel and in that case the practice would be regulated by the Council of Licensed Conveyancers.
Can I be sure that the New Eltham conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in New Eltham obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer handling your conveyancing.
I have a mortgage with Bank of Ireland for my property in New Eltham. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel solicitor.
How does conveyancing in New Eltham differ for newly converted properties?
Most buyers of new build or newly converted property in New Eltham contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in New Eltham usually acquire 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 New Eltham or who has acted in the same development.
In searching the web for the phrase conveyancing in New Eltham it shows results of numerous property lawyersin the vicinity. How do I determine which is the suitable conveyancer for me?
The best method of choosing a suitable conveyancer is through a trusted testimonial, so enquire of friends and family who have bought a property in New Eltham or the respected estate agent or financial adviser. Fees for conveyancing in New Eltham differ, so it's a good idea to obtain at least four estimates from varying types of conveyancers. Be sure to secure confirmation that the fees are fixed.
I've recently bought a leasehold flat in New Eltham. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in New Eltham. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a New Eltham conveyancing firm who can help.
An example of a Lease Extension case for a New Eltham premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.