The sellers of the house we are hoping to buy hired a conveyancing firm in Shefford who has suggested a lock out agreement with a deposit 10k. Is it wise to enter into such agreements?
This type of agreement is not the norm in Shefford, conveyancers are not keen on them as they detract from the main conveyancing focus 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 guarantee that just because the vendor has signed a lock out agreement they will sell to you. They may be motivated to break the contract if they receive sufficient financial inducement to do so because a wronged claimant with the benefit of a lockoutcontract will still be legally obliged to show losses as a consequence of the breach and these may not equate the extra amount that the owner may gain by reneging on the agreement, however morally unworthy it undoubtedly is.
Should lawyers request money up-front for conveyancing in Shefford?
If you are buying a property in Shefford your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the total price then this will be required shortly in advance of exchange of contracts. Any further balance that is needed will be payable a couple of days prior to the completion date.
I am buying a new build house in Shefford with a loan from TSB. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about the side-deal as it could impact my loan with the bank. Should I keep quiet?.
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.
My father-in-law has recommend that I appoint his conveyancing solicitors in Shefford. Should I use them?
No doubt it’s preferable to find a conveyancing solicitor is to seek feedback from friends or relatives who have previously instructed the solicitor you're contemplating using.
I work for a reputable estate agent office in Shefford where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Shefford conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Shefford - A selection of Questions you should ask before Purchasing
It would be a good idea to investigate if there are any onerous prohibitions in the lease. For instance plenty of leases prohibit pets being allowed in certain buildings in Shefford. If you love the flatin Shefford yet your cat can’t live with you then you will be presented with a difficult compromise. Is anyone aware of any major works on the horizon that will add a premium to the maintenance costs? The answer will be useful as a) areas may cause problems in the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to know about it