The sellers of the home we are purchasing are using a conveyancing firm in Sutton Coldfield who has insisted on a exclusivity agreement with a non-refundable deposit 6,000. Are such agreements appropriate for Sutton Coldfield conveyancing transactions?
Exclusivity agreements are agreements between a property seller and purchaser giving the buyer the sole right to the sale of the property for a limited period of time. Essentially, an exclusivity is a document stating that you will receive a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer confidence though in many situations, the seller may enjoy an upside from such agreements as well. There are various pros and cons to using an agreement but you need to check with your lawyer but beware that it may end up incurring more in conveyancing fees. In light of these reasons these agreements are avoided when it comes to conveyancing in Sutton Coldfield.
Is there a reason why leasehold purchase conveyancing in Sutton Coldfield is more expensive?
In summary, leasehold conveyancing in Sutton Coldfield and elsewhere usually involve more hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord about serving applicable notices, securing up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.
I am purchasing a new build house in Sutton Coldfield with a loan from Chelsea Building Society. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not reveal to my conveyancer about the side-deal as it will adversely affect my loan with the lender. 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.
How difficult is it to transfer to a new conveyancer as I have to select a firm on the Lloyds TSB Bank conveyancing panel. I had appointed a local conveyancing solicitor in Sutton Coldfield round the corner but he is not accepted by Lloyds TSB Bank
We will our best to assist in finding you a conveyancing solicitor in Sutton Coldfield on the Lloyds TSB Bank panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Sutton Coldfield. Using search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Sutton Coldfield.
My wife and I purchased a leasehold house in Sutton Coldfield. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Sutton Coldfield who previously acted has long since retired. Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Sutton Coldfield conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a garden flat in Sutton Coldfield, conveyancing formalities finalised October 1996. How much will my lease extension cost? Similar properties in Sutton Coldfield with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2071
You have 52 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.