We have rather assertive sellers who has insisted on a lock out contract with a down payment of 5k. Are such arrangements recommended for Shotton conveyancing transactions?
Exclusivity agreements are agreements binding a property vendor and prospective buyer giving the buyer a ‘clear field’ to the sale of the premises within an agreed time frame. Essentially, a lock out agreement is a contract specifying that you should receive a contract at a later time being the contract for the actual sale. It is generally used for buyer confidence though in some cases, the vendor may enjoy an upside from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your lawyer but note that it may result in incurring more in conveyancing fees. For these reasons these agreements are avoided when it comes to conveyancing in Shotton.
I'm the single recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Shotton. The Shotton property was put into my name in December. I want to move. I understand that there is a CML 6 month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the house in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this clause chiefly exists to identify subsales or the flipping of properties.
I currently have a mortgage with Nottingham for my property in Shotton. Conveyancing has been completed a year ago. If I am intending 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 Nottingham?
Nottingham must be informed of your intention in advance of renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Nottingham directly. You need not do this via a Nottingham conveyancing panel firm.
It is unclear whether my bank requires a lease extension. I have called my Shotton building society branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Shotton conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the lender panel, she or he must adhere to the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am using a search engine for the term conveyancing in Shotton it reveals many property lawyerslocally. With so much choice what is the best way to find the right solicitor for me?
The ideal method of finding a suitable conveyancer is through a personal referral, so ask friends and those you trust who have purchased a property in Shotton or a respected estate agent or mortgage broker. Fees for conveyancing in Shotton differ, so it's advisable to obtain a minimum of three estimates from varying types of solicitors. Be sure to secure confirmation that the fees are fixed.
I am a negotiator for a busy estate agency in Shotton where we see a few leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Shotton conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
I bought a studio flat in Shotton, conveyancing was carried out April 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Shotton with a long lease are worth £227,000. The ground rent is £50 per annum. The lease ceases on 21st October 2095
With just 72 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
My sealed bid on house in Shotton was accepted, the vendor does however have a dependent purchase. The sellers have submitted an offer on somewhere, but it’s not yet tied up, and are looking at other properties in the pipeline. I have chosen a nearby conveyancing solicitor in Shotton. What do I do now? At what stage should I apply for the mortgage with Kent Reliance?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Shotton conveyancing search costs, etc). First, you must ensure that your solicitor is on the Kent Reliance conveyancing panel. Concerning the subsequent steps this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a buoyant market the majority of purchasers would apply for a home loan with Kent Reliance and arrange for the survey and only if it was satisfactory would they pay their solicitor to press on with the conveyancing in Shotton.