The vendors of the property we are hoping to buy hired a conveyancing solicitor in West Green who has suggested a exclusivity contract with a non-refundable deposit 10k. Are such contracts recommended for West Green conveyancing transactions?
There are a couple of main concerns with entering into any lock out agreement (also referred to as a no-shop agreement) is that it can distract from progressing with the conveyancing work, so unless it requires minimal or no negotiation then it could turn out to be a hindrance. It is not strongly advocated by West Green conveyancing practitioners for this reason. The other main negative is the extent of the remedies available - an aggrieved purchaser is very unlikely to be granted an injunctive ruling by a court to prevent the vendor completing the sale to a third party, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in limited circumstances, the extra payment of penalties.
I understand that there are debates on Chancel Insurance on online forums. Do I require this when buying a residence in West Green? or I am told that there is a law dating back centuries that means some house owners living in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this relevant for conveyancing in West Green?
Unless a prior purchase of the premises completed after 12 October 2013 you can take it that solicitors delivering conveyancing in West Green to continue to advocate a chancel search and or chancel repair liability policy.
Are there restrictive covenants that are commonly identified during conveyancing in West Green?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in West Green. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a ground for flat up to £245,000 and found one round the corner in West Green I like with a park and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in West Green in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I'm converting the mortgage on my current property to a BTL mortgage with The Mortgage Works and I will use the ballance of the raised equity towards further property. The neighborhood we are looking at is West Green. Will your solicitors be able to act for both sets of mortgage companies and tie in the conveyances?
Make use of our search tool on this page to ensure that the lawyers are approved by both banks. Having checked that they are the solicitor will be able to tie up the two conveyancing matters but you should have a chat with you lawyer and make clear your expectations and needs.