The owners have very brash sellers who has recommended a lock out contract with a payment 10k. Are such agreements promoted for Sandhurst conveyancing transactions?
This form of preliminary agreement is unusual in Sandhurst, 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 solicitor is left exposed. Secondly, there is no assurance that just because the vendor has entered into a lock out contract they will complete the sale with you. They may breach the contract if they are offered sufficient financial inducement to do so because an aggrieved purchaser with the benefit of a exclusivitycontract will still have to establish consequential losses from the breach and this may not amount to the extra amount that your vendor may obtain by breaking the agreement, however morally unworthy it undoubtedly is.
My grandfather passed away last year and as sole heir and executor I was left the property in Sandhurst. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then Lloyds will require that you use a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
Should my solicitor be raising questions regarding flooding during the conveyancing in Sandhurst.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Sandhurst. There are those who buy a property in Sandhurst, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various searches that can be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Sandhurst. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a purchaser could commence a compensation claim resulting from an incorrect response. A buyer’s conveyancers may also conduct an environmental report. This will reveal whether there is any known flood risk. If so, additional inquiries will need to be conducted.
I am tempted by the attractive purchase price for a two flats in Sandhurst both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Sandhurst is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sandhurst conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Sandhurst - A selection of Questions you should consider before Purchasing
Does the lease have more than 85 years remaining? Is the freehold owned jointly by the leaseholders? Its a good idea to find out as much as possible concerning the managing agents as they can either make living at the property much simpler or problematic. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the communal areas. Enquire of prospective neighbours what they think of their service. Finally, be sure you discover the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.
At long last our conveyancing in Sandhurst completes on Friday, however the person I am purchasing off has asked to vacate 24 hours later at midday. Should I accept this?
It is not possible to complete on a Saturday because the bank systems aren't working.