The vendors of the property we are looking to purchase hired a conveyancing practitioner in Twickenham Park who has recommended a preliminary contract with a down payment of 5k. Is it wise to enter into such agreements?
This kind of arrangement is unusual in Twickenham Park, conveyancers are not keen on them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no certainty that just because the proprietor has executed a lock out agreement they will sell to you. They may be tempted to break the agreement if they are offered a large enough incentive to do so because a wronged buyer with the benefit of a lockoutcontract will still be obliged show losses as a consequence of the breach and this may not equalise the extra amount that the owner may obtain by breaching the contract, no matter how morally reprehensible that may be.
Is there a reason why leasehold purchase conveyancing in Twickenham Park is more expensive?
In short, leasehold conveyancing in Twickenham Park and South West London usually necessitates additional due diligence compared to freehold conveyancing. This includes analysing the lease terms, corresponding with the landlord concerning the service of 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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
I had a mortgage agreed in principle with Leeds Building Society. Twickenham Park conveyancing solicitors were chosen. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
Some lenders take longer than others. Have Leeds Building Society done the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am purchasing a property in Twickenham Park. An unusual aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with RBS your lawyer must check the formal requirements outlined in Section 2 of UK Finance Lenders’ Handbook for RBS. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and solicitors are required to report to RBS where a lease does not satisfy these conditions. The conditions relate to the installation of panels on properties nationwide and is not restricted to Twickenham Park.
The mortgage over my property is with TSB for my property in Twickenham Park. Conveyancing was finalised some time 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 TSB?
You must advise TSB before renting your property as this is likely to be a breach of TSB’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 TSB directly. It should not be necessary to do this via a TSB conveyancing panel lawyer.
We're first time buyers - agreed a price, but the selling agent has warned us that the seller will only move forward if we use the agent's recommended lawyers as they want a ‘quick sale’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Twickenham Park
It is unlikely the owners are driving this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Speak to the vendors direct and make sure they comprehend that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you are going to appoint your preferred Twickenham Park conveyancing lawyers - as opposed tothose that will provide their negotiator at the agency a kickback or hit his conveyancing thresholds demanded by head office.
I need to assess costs for conveyancing in Twickenham Park from various conveyancing practitioner and choose one. Should I ask them to hold tight until I I have my bid accepted on a house.
You should wait to ask your solicitor to open a file and apply for searches once the offer has been accepted on the property particularly as Twickenham Park conveyancing searches are costly.