We have very brash sellers who has suggested a exclusivity agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
There are two primary concerns with signing a lock out contract (occasionally referred to as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not promoted amongst East Barnet conveyancing practitioners for this reason. The other main negative is the extent of the remedies available - an aggrieved buyer should not expect to win an injunction to stop the owner selling to another buyer, so the only remedy open via the agreement will be the reimbursement of abortive costs and, in restricted scenarios, the additional payment of damages.
Is there a search tool that I can utilise to check that the solicitor handling my conveyancing in East Barnet is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Halifax thus paying £187.00 plus VAT in another set of legal fees.
You should take advantage of the search tool on this site. Pick the lender and type ‘East Barnet’ or your location and you will see a number of lawyer offices in East Barnet or by proximity to you.
I have been told that property searches are the number one reason for hinderance in East Barnet conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in East Barnet.
My wife and I have a semi-detached Edwardian house in East Barnet. Conveyancing solicitor acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East Barnet and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing lawyer who conducted the conveyancing.
About to purchase a new build apartment in East Barnet. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in East Barnet
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There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
We own a leasehold flat in East Barnet. Conveyancing was finalised in 2011. I have been told that I should not allow the the remaining lease term to get too low. Is this right?
East Barnet leasehold properties are for a set period - often ninety nine years when they started. However many appartments in East Barnet were constructed or converted 25 or more years ago and so these leases now have less than eighty years left to run. That may seem like a long time but Banks, Building Societies and other mortgage lenders generally require leases to have a minimum of 75 years unexpired to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To optimize your property value you should be considering whether or not to extend your lease well in advance of selling the property. There are also advantages to taking action before the lease hits 80 years as when the lease falls below eighty years the premium you have to pay to extend starts to get a lot more expensive.